Wall Street analysts from firms including JPMorgan Chase (JPM) and Cannacord lowered their price targets on Coinbase (COIN) stock after the largest publicly traded cryptocurrency exchange missed fourth-quarter earnings estimates.
JPMorgan said weak cryptocurrency prices and trading activity were weighing on trading volumes and fees. The bank maintained an overweight rating on the cryptocurrency exchange but lowered its price target to $252 from $290 in a report on Thursday.
The stock is down about 40% year to date and was trading at about $150 in premarket at press time. Yesterday’s closing price was $141.09.
Cryptocurrency-related stocks have had a shaky start to the year, generally tracking volatile digital asset markets. Shares of major companies such as Coinbase have come under pressure as cryptocurrency trading volumes weaken and token prices fall. Bitcoin The largest cryptocurrency, which remains well below its peak in late 2025, is down about 25% so far this year.
JPMorgan analysts led by Kenneth Worthington said rising operating expenses (up 22% year-over-year) and a shift toward lower-fee premium trading and Coinbase One subscriptions put pressure on results.
Analysts lowered their forward adoption assumptions and lowered their price targets, citing weaker volume and market cap prospects. Acquisition rate is the percentage of transaction volume that a company retains as revenue.
Broker Canaccord said Coinbase’s scale and profitability stand out in the volatile cryptocurrency market, maintaining a buy rating, while lowering its near-term expectations after the results were released, lowering the target price from $400 to $300.
The broker said that while the collapse in spot prices has put pressure on the entire industry, Coinbase has remained solidly profitable and continues to gain market share as it expands its product suite.
In a report published on Thursday, analysts led by Joseph Vafi noted progress on the company’s “Everything Exchange,” the growth of commercial use cases for USDC and the expansion of decentralized finance (DeFi) applications on Base and Ethereum.
Derivatives exchange Deribit, acquired this year, is described as a strategic addition that will help drive spot and derivatives cross-selling activity outside the United States.
Analysts said global trading volumes and market share were up about 100% from a year earlier, with recent record notional volumes being underpinned by activity in gold and silver futures.
Canaccord expects a tougher first quarter for the industry and expects Coinbase to gain market share and ramp up share buybacks. The firm believes the stock is near cyclical lows and has a new target of $300, based on 22 times 2027 Ebitda expectations.
Read more: Coinbase trading revenue falls below $1 billion, fourth-quarter results miss expectations