Benchmark Reduces Coinbase Price Target by 37%, Highlights Durability

Benchmark's Mark Palmer lowers COIN target to $267 but maintains a buy rating, noting increased business diversification amid tough crypto market.

In a recent analysis, Mark Palmer from Benchmark has revised his price target for Coinbase (COIN), decreasing it by 37% from $421 to $267. This adjustment comes in light of the deteriorating conditions within the cryptocurrency market.

Despite the price reduction, Palmer continues to endorse a buy rating for Coinbase, emphasizing the company's enhanced diversification and resilience in its business model. He believes that these factors position Coinbase favorably even in challenging times for the crypto sector.