加密貨幣前景看漲，Coinbase 目標價飆升至 276 美元

由於現貨比特幣 ETF 獲得批准後數位資產採用激增，奧本海默將 Coinbase 的目標價提高至 276 美元。在交易量激增 95% 的推動下，該交易所的營收預計在下一季將大幅成長。然而，潛在的挑戰包括 Coinbase 與 SEC 的訴訟以及現貨 ETH ETF 在不久的將來獲得批准的可能性很小。

Coinbase Price Target Soars to $276, Reflecting Bullish Outlook for Crypto Exchange

Coinbase 目標價飆升至 276 美元，反映出加密貨幣交易所的看漲前景

Wall Street brokerage firm Oppenheimer has significantly raised its price target for Coinbase (COIN), citing strong growth prospects in the digital asset market. The firm's analysts have revised their price target to $276 per share, up from the previous $200.

華爾街經紀公司奧本海默大幅提高了 Coinbase (COIN) 的價格目標，理由是數位資產市場強勁的成長前景。該公司分析師已將目標股價從先前的 200 美元上調至每股 276 美元。

Positive Industry Trends and Coinbase's Competitive Position

正向的產業趨勢和 Coinbase 的競爭地位

Oppenheimer's research report highlights the ongoing adoption of digital assets, particularly following the approval of spot bitcoin exchange-traded funds (ETFs). The analysts note that this has led to increased liquidity in the market, with the average market capitalization of USD Coin (USDC) growing by 12% quarter-on-quarter. Coinbase, as the issuer of USDC, benefits from the increased demand for this stablecoin.

奧本海默的研究報告強調了數位資產的持續採用，特別是在現貨比特幣交易所交易基金（ETF）獲得批准之後。分析師指出，這導致市場流動性增加，美元幣（USDC）平均市值環比成長 12%。 Coinbase 作為 USDC 的發行者，受益於這種穩定幣需求的成長。

Moreover, the brokerage firm believes Coinbase is well-positioned to capitalize on the long-term adoption of blockchain technology. The company's strong brand recognition, diverse product offerings, and global presence are seen as key advantages in this rapidly evolving market.

此外，該經紀公司認為 Coinbase 處於有利地位，可以利用區塊鏈技術的長期採用。該公司強大的品牌知名度、多樣化的產品供應和全球影響力被視為在這個快速發展的市場中的關鍵優勢。

Strong Financial Performance and Trading Volume

強勁的財務表現和交易量

Oppenheimer estimates that Coinbase's trading volume for the first quarter of 2024 will soar by 95% quarter-on-quarter and 107% year-on-year, reaching $300 billion. This growth is attributed to the continued adoption of digital assets and the increase in market liquidity.

奧本海默預計，Coinbase 2024 年第一季的交易量將季增 95%，年減 107%，達到 3,000 億美元。這一增長歸因於數位資產的持續採用和市場流動性的增加。

Additionally, the report notes the increasing gross interest income that Coinbase earns on outstanding USDC balances, contributing to the company's overall financial performance.

此外，報告還指出，Coinbase 透過未償 USDC 餘額賺取的總利息收入不斷增加，這對該公司的整體財務表現做出了貢獻。

Risks and Uncertainties

風險和不確定性

While Oppenheimer maintains a positive outlook on Coinbase's long-term prospects, it also acknowledges potential headwinds. The ongoing lawsuit with the Securities and Exchange Commission (SEC) is a significant concern, as it could result in legal challenges and uncertainty for the company.

儘管奧本海默對 Coinbase 的長期前景保持樂觀，但也承認潛在的阻力。與美國證券交易委員會（SEC）正在進行的訴訟是一個重大問題，因為它可能會給公司帶來法律挑戰和不確定性。

The analysts also express some caution regarding the near-term volatility of Coinbase's stock price. They believe that the recent surge in the stock's value, which has outperformed the S&P 500 index by over 100% since January, may present temporary risks.

分析師也對 Coinbase 股價的近期波動表示謹慎。他們認為，近期該股價值的飆升（自 1 月以來已跑贏標普 500 指數 100% 以上）可能會帶來暫時的風險。

Conclusion

結論

Despite these potential risks, Oppenheimer remains optimistic about Coinbase's long-term growth potential. The brokerage firm's revised price target of $276 reflects its confidence in the company's ability to drive innovation in the digital asset market and capture a significant share of this expanding ecosystem. However, investors are advised to carefully consider the risks associated with Coinbase before making any investment decisions.

儘管存在這些潛在風險，奧本海默仍然對 Coinbase 的長期成長潛力持樂觀態度。該經紀公司將目標價調整為 276 美元，反映了其對公司推動數位資產市場創新並在這一不斷擴大的生態系統中佔據重要份額的能力的信心。不過，建議投資者在做出任何投資決定之前仔細考慮與 Coinbase 相關的風險。