Coinbase price target raised to $301 from $252 at Benchmark

Benchmark raised the firm’s price target on Coinbase (COIN) to $301 from $252 and keeps a Buy rating on the shares. A week that began with Coinbase reaching a major milestone with its addition to the S&P 500 “took a turn for the worse yesterday” when the company disclosed a significant cybersecurity breach and confirmed an ongoing SEC investigation regarding its past user metrics, the analyst tells investors. However, while May 15 “will go down as a challenging day for the company,” Benchmark does not believe the negative headlines will obscure its position as “one of the primary beneficiaries of the institutional adoption of crypto,” which the firm expects to accelerate with the emergence of regulatory clarity. The firm’s revised target is based on 25-times the estimate of FY26 EPS of $12.03, the analyst noted.