Woofun AI reports that Benchmark analyst Mark Palmer lowered Coinbase's second-quarter revenue projection from $15.1 billion to $13.8 billion and reduced the full-year 2026 forecast from $63.3 billion to $60 billion. The adjustment reflects a 28% decline in spot trading volume during the quarter, coinciding with a 13% drop in total cryptocurrency market capitalization. Despite the downgrade, Benchmark maintains a "Buy" rating with a $270 price target, implying approximately 57% upside from Wednesday's stock price of around $172.

The firm notes that June showed initial stabilization signs, with spot trading volume exceeding $1 trillion for the first time since March. Benchmark suggests that the potential passage of the "CLARITY Act" could serve as a more significant share price catalyst than quarterly earnings, identifying Coinbase as a key beneficiary. The bill's advancement has been facilitated by previous agreements on ethical terms.