JPMorgan announced a significant reduction in its price target for Coinbase (COIN) stock, lowering it from $399 to $290. The main reason for this reduction is that the crypto market is currently experiencing considerable weakness.
JPMorgan significantly cut its price target for Coinbase, from $399 to $290, amid a crypto market experiencing months-long lows. The decline is attributed to lower trading volumes and falling cryptocurrency prices, which are directly impacting the exchange’s performance and reducing traction from its historically primary revenue stream.
One of the key factors is the current environment, which affects not only spot transactions. Weaker prices, declining staking returns, and slower USDC growth are also weighing on subscription and services revenue, a segment Coinbase has promoted as a stabilizer against trading volatility. Together, these factors explain the downward revision of short-term projections.
As a result, JPMorgan lowered its price target to $290 from $399, representing a cut of approximately 27%. Even so, the firm maintained its Overweight rating, arguing that despite current headwinds, the stock remains attractive in the longer term if the crypto cycle turns favorable again.
What does this downgrade mean for Coinbase, and how does it affect its business plan?
JPMorgan’s revision wasn’t an isolated case. Other firms also adjusted their estimates, including BTIG, which lowered its target to $340 from $420. With these changes, the consensus among analysts is now around a “Moderate Buy” recommendation, with average target prices ranging approximately between $316 and $330.
The stock’s recent performance helps contextualize these revisions. As of February 10, Coinbase is trading approximately 93% below its all-time high of $444.65 reached in July 2025. It has also experienced a decline of nearly 26% year-to-date and over 40% in the last twelve months, reflecting both the crypto market correction and a reassessment of growth expectations.
In terms of results, the third quarter of 2025 showed EPS of $1.32, exceeding forecasts at the time. However, analysts expect a year-over-year slowdown for the fourth quarter, with EPS estimates ranging from $1.07 to $1.15 and revenue between $1.77 billion and $1.85 billion, reinforcing the narrative of a less favorable cycle in the short term.
