Benchmark maintains "Buy" rating on Coinbase, raises target price to $270

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

Coinbase reported a net loss of $394 million in the first quarter, with revenue of $755.8 million, falling short of market expectations. Its 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 reliant on market cycles to a core infrastructure platform for the "on-chain economy." Its business layout now covers stablecoins, crypto derivatives, tokenization, DeFi, payments, prediction markets, and AI-native commerce, among other directions.

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