Wall Street Analysts Lower Coinbase Price Targets After Earnings Miss
- JPMorgan cut its price target for Coinbase to $252 from $290, citing weak crypto prices and trading activity.
- The stock is down approximately 40% year-to-date, trading around $150 in pre-market.
- Bitcoin is down about 25% this year, currently priced at $68,874.43.
- Canaccord maintained a buy rating but reduced its price target for Coinbase to $300 from $400.
- Global trading volume and market share for Coinbase are reportedly up roughly 100% compared to the previous year.
Analysts noted that increased operating expenses and a shift toward lower-fee services impacted Coinbase’s earnings results. Despite the challenges in the broader crypto market, including falling token prices, Coinbase remains profitable and is gaining market share through product expansion.
With JPMorgan lowering its price target to $252 and Canaccord adjusting theirs to $300, analysts are responding to pressures from reduced trading volumes and fees impacting revenues at Coinbase.(Source)
