JPMorgan cuts Coinbase (COIN) price target to $290 ahead of earnings
JPMorgan lowered its price target for Coinbase (COIN) to $290 ahead of its earnings report due to expected revenue pressure from lower trading volumes and crypto prices.Summary
JPMorgan analyst Ken Worthington reduced his price target for Coinbase (COIN) from $399 to $290 ahead of the company's fourth-quarter earnings, despite remaining bullish with the new target suggesting 75% upside from the current price of $1655. The reduction reflects expectations of lower adjusted EBITDA ($734 million vs. $801 million in Q3), driven by weaker crypto prices, lower trading volumes (estimated at $263 billion), and slower growth in USDC stablecoin balances. While the acquisition of Deribit is expected to provide a partial offset, JPMorgan projects subscription and services revenue at $670 million, below Coinbase's prior guidance. Other analysts, like Barclays' Benjamin Budish, also anticipate weaker retail trading revenues, while Compass Point remains bearish, expecting subscription and services results to confirm revenue dependency on crypto prices. Investors will be closely watching commentary on early 2026 trading activity and the contribution of newer ventures like Deribit.
(Source：CoinDesk)