BenchMARK raises Coinbase price target to $421... ”Start of uptrend”

Benchmark maintains its "Buy" rating on Coinbase shares and raises its price target from $301 to $421.
On the 23rd (local time) according to The Block, Benchmark analyst Mark Palmer
Palmer said, "Coinbase is at the epicenter of the next regulatory and structural evolution of the cryptocurrency industry."
The analysis comes as Coinbase shares surged more than 23% last week, and suggests the rally may just be getting started.
He also said a string of favorable regulatory developments and new product launches will drive Coinbase's revenue growth and justify its earnings per share (EPS) multiple.
The upward revision comes as U.S. financial services bank Cantor Fitzgerald has given Coinbase an “Overweight” rating.
The move comes a week after analysts maintained their opinion on the stock and raised their 12-month price target to $292 from $253. At the time, the analysts said Coinbase was a simple cycle exchange.
Palmer agreed with this assessment, saying that the regulatory environment will change and the launch of many new products will be Coinbase's long-term strategy.
"We are beginning to see a path for the stock price to actually go higher," he said, adding, "The target price is the result of applying a 35x multiple to the 2026 EPS forecast of $12.03.
This is lower than Robinhood, which is often cited as a comparison, at 47.1x.
Furthermore, one of the notable factors behind the increase is the G
The ENIUS bill would provide a clear legal framework for stablecoins and, if passed by the House and enacted into law, would allow the coins that have been working with the USDC Issuer Circle to participate in the stablecoin initiative.
This scenario could become reality by August. Also, Coinbase’s recently launched “Payments” platform could directly benefit from the move.
This platform is different from existing commerce solutions in that it aims to integrate USDC-based, low-cost, 24-hour payments directly into the app and platform.
The bill also aims to provide a way to expand this revenue stream, and the bill stipulates that this has the potential to be a scalable source of revenue.