Benchmark cuts Coinbase price target 37% but keeps Buy rating
Benchmark analyst Mark Palmer lowered Coinbase’s price target by 37%, reducing it from $421 to $267, while retaining a Buy rating. At the adjusted target, Coinbase shares imply about 60% upside from the current price near $164. The note was reported by The Block and highlights a sizable downward revision to the target price but continued confidence in Coinbase’s longer-term prospects. No additional analyst rationale or operational details were provided in the report. This update is intended as market information and not investment advice.
Neutral
The news is neutral for crypto markets. A 37% cut to Coinbase’s price target is a material downward revision for the company’s equity outlook, which could weigh on COIN stock in the short term as traders reprice expectations. However, Benchmark kept a Buy rating and the revised target still implies ~60% upside versus the current price, which tempers negative sentiment. For crypto traders, the update mainly affects equities-linked flows (Coinbase stock and ETFs) and could cause short-term volatility in COIN and potentially correlated crypto equity plays. It does not directly change fundamentals of major cryptocurrencies (e.g., BTC, ETH), so broader crypto market impact should be limited and likely short-lived unless followed by more downgrades or negative operational news. Historically, analyst target cuts with maintained buy ratings create mixed reactions: immediate downward pressure on the stock with recovery over weeks if no further negative signals emerge. Traders should monitor COIN price action, option-implied volatility, and any subsequent analyst commentary or company guidance for signals to adjust positions.