Benchmark analyst Mark Palmer has reduced Coinbase’s price target by 37%, setting it at $267, yet maintained a buy rating, citing increased diversification and durability of the business. This move comes after Coinbase’s fourth-quarter results missed expectations due to a broader crypto market downturn. Despite these challenges, the company has pivoted towards subscription-based services and institutional products, significantly expanding its revenue sources. Notably, institutional transaction revenue rose following its acquisition of Deribit, a move aligning with its strategic growth in derivatives trading. These developments highlight Coinbase’s efforts to reduce reliance on transaction fees in a volatile crypto market.
Benchmark cuts Coinbase target, stresses diversified resilience
