Benchmark Maintains Coinbase "Buy" Rating, Raises Price Target to $270

Odaily Odaily reports that despite Coinbase's weak performance in the first quarter, Benchmark has maintained its "Buy" rating for the stock and raised its price target from $260 to $270.

Coinbase recorded a net loss of $394 million in the first quarter, with revenue of $755.8 million, below market expectations; adjusted EBITDA was $303.3 million, a significant decline from $929.9 million in the same period last year, and its stock price fell about 6% after the earnings release.

Benchmark believes that Coinbase is transitioning from a crypto exchange dependent on market cycles into a core infrastructure platform for the "on-chain economy." Its business layout has already expanded to cover multiple areas including stablecoins, crypto derivatives, tokenization, DeFi, payments, prediction markets, and AI-native commerce.

Previously, Rosenblatt Securities and Bernstein also maintained positive ratings on Coinbase, indicating that some institutions remain optimistic about its long-term platform transformation.