Coinbase Price Target Cut by Benchmark Amid Q2 Earnings Miss

Benchmark has lowered its price target for Coinbase Global Inc. (NASDAQ:COIN) to $230 from $270, despite maintaining a Buy rating on the stock.

The adjustment comes after Coinbase's second-quarter 2026 results missed consensus expectations on both revenue and earnings.

Shares fell approximately 5% in after-hours trading following the earnings release, dropping to $141.69 from a previous close of $160.09.

Benchmark analyst Mark Palmer noted that despite the headline shortfalls, the quarter provided additional validation of the strategic transformation underway at the company for the better part of three years.