Wall Street analysts at companies including JPMorgan (JPM) and Cannacord lowered their price targets for Coinbase (COIN) stock after the largest publicly traded crypto exchange missed fourth-quarter earnings estimates.
JPMorgan said weak cryptocurrency prices and trading activity affected volumes and fees. The bank maintained its Overweight rating on the crypto exchange but lowered the price target to $252 from $290 in Thursday’s report.
The stock, which is down about 40% so far this year, was priced around $150 at press time in premarket trading. It closed yesterday at $141.09.
Cryptocurrency-linked stocks have had a choppy start to the year, broadly tracking the turbulent digital asset market. Large companies like Coinbase have seen share prices pressured as cryptocurrency trading volumes weakened and token prices fell. bitcoin The largest cryptocurrency, remains well below the peaks of late 2025 and is now down approximately 25% year to date.
JPMorgan analysts led by Kenneth Worthington said higher operating expenses, a 22% year-over-year increase, and a shift toward lower-fee advanced trading and Coinbase One subscriptions pressured results.
Analysts lowered their assumptions on the future take rate and cited a softer volume and market capitalization outlook while cutting the price target. The acquisition rate is the percentage of transaction volume that the company keeps as revenue.
Coinbase’s scale and profitability stand out in a volatile crypto market, broker Canaccord said, maintaining its buy rating while cutting its price target to $300 from $400 after lowering near-term estimates following the results.
While the drop in spot prices has affected the broader industry, the broker said Coinbase remains solidly profitable and is gaining incremental market share as it expands its product suite.
Analysts led by Joseph Vafi noted progress on the company’s “Everything Exchange,” growth in USDC trading use cases, and expansion of decentralized finance (DeFi) applications on Base and Ethereum, in the report released Thursday.
Deribit, the derivatives exchange it bought during the year, was described as a strategic addition that helps drive cross-selling activity outside the US across spot and derivatives.
Analysts said global trading volume and market share were up about 100% from a year ago, with recent records in notional volume supported by activity in gold and silver futures.
Canaccord expects a tougher first quarter for the industry and believes Coinbase will gain market share and step up share buybacks. He sees the stock near cyclical lows, with the new $300 target based on 22 times its 2027 Ebitda estimate.
Read more: Coinbase Misses Q4 Estimates as Transaction Revenue Falls Below $1 Billion
