Analysts lowered revenue forecasts on weak crypto trading activity but kept a buy rating and $270 price target, saying the proposed CLARITY Act could outweigh a soft quarter.
Benchmark cut its forecast for Coinbase's second-quarter revenue to $1.38 billion from $1.51 billion and lowered its 2026 revenue estimate to $6.0 billion from $6.33 billion, citing weak crypto trading activity ahead of the company's earnings release. Despite the reduced forecasts, the firm maintained a buy rating and a $270 price target. Benchmark said investors may be underestimating the potential value of the proposed CLARITY Act for Coinbase and argued the bill could become a bigger catalyst for the stock than a weak quarter if it is passed. The note highlights a common tension in crypto equities, where softer trading activity can pressure near-term results while regulatory changes can have a larger effect on longer-term valuation.