Wall Street analysts at companies including JPMorgan (JPM) and Cannacord lowered 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 were weighing on volumes and fees. The bank maintained its overweight on the crypto exchange, but reduced the price target to $252 from $290 in Thursday’s report.
The stock, down about 40% since the start of the year, was valued at around $150 at press time in pre-market trading. It closed yesterday at $141.09.
Cryptocurrency-related stocks have had a rocky start to the year, largely following the turbulent digital asset market. Large companies such as Coinbase have seen their stock prices come under pressure as crypto trading volumes weaken and token prices slide. Bitcoin the largest cryptocurrency, remains well below late 2025 highs and is now down about 25% year to date.
JPMorgan analysts led by Kenneth Worthington said higher operating expenses, up 22% year over year, and a shift toward advanced trading fees and lower Coinbase One subscriptions put pressure on results.
Analysts lowered their forward take rate assumptions and cited lower volume and market cap prospects to reduce the price target. Participation rate is the percentage of trading volume that the company retains as revenue.
Coinbase’s size and profitability stand out in a volatile crypto market, broker Canaccord said, maintaining its buy rating while cutting its price target from $400 to $300 after lowering near-term estimates following the results.
Although the drop in spot prices weighed on the entire industry, the broker said Coinbase remained solidly profitable and was taking additional market share as it expanded its product line.
Analysts led by Joseph Vafi highlighted the company’s “Everything Exchange” progress, 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 purchased during the year, was described as a strategic addition helping to drive cross-selling activity outside the United States, both spot and derivatives.
Analysts said global trading volume and market share increased by around 100% from the previous year, with recent notional volume records supported by gold and silver futures activity.
Canaccord expects a tougher first quarter for the industry and sees Coinbase gaining market share and stepping up share buybacks. He sees the stock as near cyclical lows, with the new $300 target based on 22 times his 2027 Ebitda estimate.
Learn more: Coinbase misses Q4 estimates as trading revenue falls below $1 billion
