JPMorgan Lowers Coinbase Target Price to $252 but Maintains Overweight Rating

JPMorgan Lowers Coinbase Target Price

JPMorgan recently announced that it has lowered its target price for Coinbase from $290 to $252 while maintaining its Overweight rating on the stock. This adjustment comes after Coinbase's fourth-quarter earnings and EBITDA fell short of expectations.

In addition, broker Canaccord also reduced its target price for Coinbase from $400 to $300, but similarly maintained a Buy rating.

The Impact on the Cryptocurrency Market

JPMorgan noted that the weakness in cryptocurrency prices and the sluggish trading activity have negatively impacted Coinbase's trading volumes and fee revenues.