Wall Street analysts from firms including JPMorgan ( JPM ) and Cannacord cut their price targets for Coinbase ( COIN ) shares after the largest publicly traded crypto exchange missed fourth-quarter earnings estimates.
JPMorgan said weak crypto prices and trading activity weighed on 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 the time of the announcement in pre-market trading. It closed yesterday at $141.09.
Crypto-related stocks have had a troubled start to the year and broadly follow the turbulent market for digital assets. Major companies like Coinbase have seen share prices depressed as crypto trading volume has weakened and token prices have fallen. Bitcoin the largest cryptocurrency, remains well below the late-2025 peaks and is now down about 25% year-to-date.
JPMorgan analysts led by Kenneth Worthington said higher operating costs, a 22% year-over-year increase, and a shift toward lower-fee Advanced Trading and Coinbase One subscriptions pressured the results.
The analysts lowered their forward take rate assumptions and cited a softer volume and market capitalization outlook to trim the price target. Take rate is the percentage of transaction volume the company keeps as revenue.
Coinbase’s scale and profitability stand out in a volatile crypto market, said broker Canaccord, which maintained its buy rating while lowering its price target to $300 from $400 after lowering near-term estimates following the results.
While falling spot prices have weighed on the broader industry, the broker said Coinbase remains solidly profitable and is incrementally gaining market share as it expands its product suite.
Analysts led by Joseph Vafi pointed to progress with 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 published on Thursday.
Deribit, the derivatives exchange it acquired during the year, was described as a strategic addition that helps drive cross-selling activity outside the US across spot and derivatives.
The analysts said global trading volume and market share are up about 100% from a year earlier, with recent records in theoretical volume supported by activity in gold and silver futures.
Canaccord expects a tougher first quarter for the industry, seeing Coinbase gaining market share and stepping up share buybacks. It views the stock as 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
