10:23 AM EDT, 07/14/2025 (MT Newswires) -- Coinbase (COIN) seems to be facing an "unfavorable" setup ahead of its Q2 earnings due to "weak" trading volume in the quarter, Oppenheimer said in a note to clients Monday.

The investment firm said it forecasts Coinbase's Q2 trading volume at $220 billion, down 3% year-over-year and down 44% sequentially, which is 24% below consensus estimates.

Oppenheimer analysts also expect Coinbase's Q2 revenue, adjusted EBITDA, and EPS to be 15%, 34%, and 64% below Street estimates, respectively.

The investment firm said that Coinbase's shares increased more than 100% in the quarter and were the S&P 500's best Q2 performer due to factors like its inclusion in the S&P 500 and the passage of the GENIUS Act by the Senate.

"We believe a more attractive entry point could happen after the print," the note said.

Oppenheimer kept an outperform rating on the stock and increased its price target to $417 from $395 citing "increasing regulatory clarity going into Crypto Week."

Shares were up 2% in recent trading.

Price: 394.59, Change: +7.53, Percent Change: +1.95