On February 13, U.S. cryptocurrency industry leader Coinbase announced its Q4 earnings fell short of market expectations, quickly prompting Wall Street analysts to collectively adjust their ratings and target prices. Institutions such as JPMorgan Chase and Canaccord have downgraded their valuation expectations for COIN, reflecting the ongoing impact of the current crypto market weakness on the company’s fundamentals.
JPMorgan Chase pointed out that the decline in digital asset prices and trading activity directly compressed COIN’s trading volume and fee income. While maintaining an “Overweight” rating, the firm lowered its target price from $290 to $252. Analyst Kenneth Worthington’s team mentioned that operating expenses increased by 22% year-over-year, and the shift toward low-fee advanced trading modes and subscription services has put short-term pressure on profit margins.
Since the beginning of this year, COIN’s stock price has fallen approximately 40%, with pre-market prices hovering around $150, a significant retreat from last year’s highs. Meanwhile, Bitcoin has declined about 25% year-to-date, and overall market trading volume continues to shrink, dragging down related concept stocks.
Canaccord also lowered its short-term outlook but maintained a “Buy” rating, reducing its target price from $400 to $300. The firm believes that despite the weakness in spot markets, the platform still holds advantages in product layout and market share. Leading analyst Joseph Vafi and his team noted that their “All-in-One Exchange” strategy is progressing, with ongoing expansion of USDC commercial scenarios, Base, and DeFi applications on Ethereum.
Additionally, the platform recently completed the acquisition of Deribit, seen as an important step in expanding international derivatives business and promoting cross-market synergy. Canaccord expects that although the industry environment remains tight in Q1, COIN is likely to continue expanding its market share and enhance shareholder value through buybacks, with the current stock price possibly nearing a cyclical bottom.
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