TechFlow News, February 15: According to The Block, Benchmark analyst Mark Palmer lowered Coinbase’s (COIN) price target from $421 to $267 due to deteriorating cryptocurrency market conditions, while maintaining a “Buy” rating. Palmer reduced his fiscal year 2026 earnings-per-share (EPS) estimate by 21% to $5.34, with first-half expectations notably below market consensus. Although near-term financial metrics are below expectations, Palmer emphasized that Coinbase’s business structure is continuing to diversify: derivatives revenue surged, stablecoin balances hit an all-time high, and subscription and services revenue now accounts for 43% of net revenue. The company currently offers 12 products each generating over $100 million in annualized revenue, and Coinbase One’s paying users are approaching one million. Palmer believes COIN remains subject to short-term volatility driven by the crypto market but is progressing toward becoming a “full-service exchange,” expanding into new business lines such as stock trading, prediction markets, and commodity trading. Benchmark’s price target implies approximately 60% upside from the current share price of around $164.
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