Benchmark lowered its second-quarter estimates for crypto exchange Coinbase ahead of next week's earnings report, citing softer crypto trading.
The firm still maintained its Buy rating and $270 price target, arguing the potential passage of the Clarity Act could move the stock's needle far more than a soft quarter.
Coinbase (COIN) shares were trading around $172 on Wednesday morning, down around 2% on the day and roughly 27% year to date.
Benchmark's $270 price target implies 57% upside from its current levels.
Coinbase (COIN) stock price chart.
