Svmuureports that despite Coinbase's weak first-quarter performance, Benchmark has maintained its 'Buy' rating on the stock and raised its price target 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; Adjusted EBITDA was $303.3 million, a significant decline from $929.9 million in the same period last year. Following the earnings release, its share price briefly fell by about 6%.
Benchmark believes Coinbase is transitioning from a crypto exchange reliant on market cycles into a core infrastructure platform for the 'on-chain economy.' Its business layout now spans 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.