Foresight News reports that despite Coinbase's lackluster performance in Q1, Benchmark is sticking to its 'buy' rating on the stock and has raised the price target from $260 to $270. Benchmark believes Coinbase is transitioning from being a crypto exchange reliant on market cycles to a core infrastructure platform for the 'on-chain economy.' Their business strategy now spans multiple areas including stablecoins, crypto derivatives, tokenization, DeFi, payments, prediction markets, and AI-native ventures. Previously, both Rosenblatt Securities and Bernstein also maintained a bullish outlook on Coinbase.

Foresight News previously reported that Coinbase posted a net loss of $394 million in Q1, with revenue hitting $755.8 million, falling short of market expectations; adjusted EBITDA came in at $303.3 million, a significant drop from $929.9 million year-over-year. After the earnings report dropped, the stock price saw a dip of around 6%.