Benchmark lowers Coinbase's target price by 37%, but maintains a "Buy" rating

Deep Tide TechFlow News, February 15 — According to The Block, Benchmark analyst Mark Palmer has lowered the target price for Coinbase (COIN) from $421 to $267 due to worsening conditions in the crypto market, but maintains a “Buy” rating. Palmer has cut the expected earnings per share for fiscal year 2026 by 21% to $5.34, with the first half significantly below market consensus. Despite short-term financial metrics falling short of expectations, Palmer emphasizes that Coinbase’s business structure continues to diversify: derivatives revenue has surged, stablecoin balances have hit record highs, and subscription and service revenue now account for 43% of net income. The company currently has 12 products with annualized revenue exceeding $100 million, and Coinbase One paid users approach 1 million. Palmer believes that COIN is affected by short-term crypto market volatility but is still transforming into a “full-service exchange” in the long term, including new businesses such as stock trading, prediction markets, and commodity trading. Benchmark’s target price still has about 60% upside from the current price of approximately $164.