Benchmark Keeps Coinbase at "Buy", Lifts Price Target to $270

Benchmark reiterated its "Buy" rating on Coinbase and raised its price target to $270 from $260, despite the company's weaker-than-expected first-quarter results, Odaily Planet Daily reported. Coinbase posted a net loss of $394 million for the quarter. Revenue totaled $755.8 million, missing market forecasts. Adjusted EBITDA came in at $303.3 million, down sharply from $929.9 million a year earlier. Shares fell about 6% after the earnings release. Benchmark said Coinbase is evolving from a cycle-driven crypto exchange into a core infrastructure provider for the onchain economy. The firm pointed to an expanding footprint across stablecoins, crypto derivatives, tokenization, DeFi, payments, prediction markets, and AI-native businesses. Rosenblatt Securities and Bernstein have also maintained favorable views on Coinbase, suggesting parts of Wall Street remain confident in the company's longer-term shift toward a platform model.