Shares of Coinbase came under renewed pressure after the company posted weaker-than-expected fourth-quarter results, prompting Wall Street analysts to scale back their price targets while maintaining a constructive longer-term view.
In a research note released Thursday, JPMorgan Chase said declining crypto prices and softer trading volumes weighed on transaction revenue in the quarter. The bank reiterated its overweight rating but lowered its price target to $252 from $290, reflecting reduced assumptions for trading activity and take rates — the portion of transaction volume retained as revenue.
Coinbase stock has fallen roughly 40% since the start of the year. The shares were trading near $150 in pre-market action at the time of publication, after closing the previous session at $141.09.
Crypto-related equities have tracked volatility in digital assets, which have had a choppy start to the year. Bitcoin, recently around $69,162, remains well below its late-2025 highs and is down about 25% year-to-date, underscoring continued weakness in the broader market.
JPMorgan analysts led by Kenneth Worthington also cited a 22% year-over-year increase in operating expenses and a shift in product mix toward lower-fee offerings such as Advanced Trading and Coinbase One subscriptions as factors that pressured margins. The bank trimmed its forward forecasts for revenue capture amid a softer outlook for volumes and overall market capitalization.
Meanwhile, Canaccord Genuity maintained its buy rating on the stock but reduced its price target to $300 from $400 after cutting near-term estimates. The firm said Coinbase’s scale and profitability continue to distinguish it in a volatile environment, adding that the company is gradually expanding market share as it broadens its product suite.
Analysts led by Joseph Vafi highlighted progress on the company’s “Everything Exchange” vision, growing commercial adoption of USD Coin, and expanding decentralized finance activity on Base and Ethereum.
The acquisition of Deribit was described as a strategic step to deepen Coinbase’s derivatives capabilities and enhance cross-selling opportunities internationally across both spot and derivatives products.
Although Canaccord expects industry conditions to remain challenging in the first quarter, it sees Coinbase continuing to gain share and increase stock buybacks. The broker views the shares as trading near cyclical lows, with its updated $300 target based on 22 times projected 2027 EBITDA.
