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Coinbase, Nasdaq Named Top 2022 Stock Picks at Oppenheimer

It chose S&P Global too, and said the stocks will benefit as digital assets become mainstream and Web3 takes hold.
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Oppenheimer has named cryptocurrency exchange Coinbase  (COIN) , financial-exchange titan Nasdaq  (NDAQ) - Get Nasdaq, Inc. Report and research firm S&P Global  (SPGI) - Get S&P Global, Inc. Report as its top stock picks for 2022.

The picks are based on four catalysts:

■ “Catalyst No. 1: Mainstreaming of digital assets/blockchain. We believe the adoption of digital assets in both institutions and retailers will continue.

■ “Catalyst No. 2: Web3, which is largely built on blockchain and focused on decentralization.

■ “Catalyst No. 3: ESG [environment, social, governance]. The Glasgow Climate Pact will likely accelerate some key actions to protect the climate.” That’s especially good for S&P Global, Oppenheimer said

■ “Catalyst No. 4: Mergers and Acquisitions. In 2021, we saw a number of small and medium-sized deals…. The expectation is for [that to continue].” And Coinbase may be a buyer, Oppenheimer said.

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Morningstar analyst Michael Miller has a mixed take on Coinbase.

“Due to its breadth of its service offerings and the connection between cryptocurrency prices and trading revenue, Coinbase’s short- and long-term results are deeply tied to the health and growth of cryptocurrencies as an asset class,” he wrote in a commentary last month.

“Cryptocurrency adoption continues to rise but questions regarding the long-term viability of cryptocurrency, the role of speculation in current market prices, and the potential for a more hostile regulatory environment remain unanswered.

“Ultimately, Coinbase has created a strong position for itself in the cryptocurrency space, but the value of that position will be reliant on the long-term success or failure of cryptocurrencies.”

Miller puts fair value for the stock at $225, down from its recent quote of $253.69.