Benchmark reiterated its buy rating on Coinbase and raised its price target to $270.

CoinFeed reported on May 13th that, according to The Block, despite Coinbase's lackluster Q1 earnings, Benchmark reiterated its buy rating on the stock and raised its price target from $260 to $270. Benchmark analysts believe that Coinbase is transforming from a market-dependent crypto exchange into a core infrastructure provider for the "on-chain economy," with its strategy increasingly centered around trust, custody, liquidity, and compliance. The company now boasts 12 business lines with approximately $100 million in annualized revenue, with derivatives revenue reaching an all-time high and On-Chain stablecoin trading volume increasing tenfold year-over-year.