Coinbase Global's S&P 500 Inclusion Marks 'Watershed Moment,' Oppenheimer Says

Coinbase Global's inclusion in the S&P 500 index on May 19 is a "watershed moment" with "huge implications" for the company and the cryptocurrency industry, Oppenheimer said Monday in a report. The inclusion boosts purchases from index funds and puts Coinbase "under a closer radar of non-index funds that benchmark against the S&P," Oppenheimer said. Other catalysts that may bolster Coinbase stock include further de-escalation of trade tensions, a rebound in altcoins, mergers and acquisitions, interest rate cuts and a gain in market share, the report said. Oppenheimer raised its price target on Coinbase stock to $293 from $269 and maintained its outperform rating. Coinbase shares jumped 18% in recent Tuesday trading.