JPMorgan cuts Coinbase price target by 27% before earnings

JPMorgan cut Coinbase’s price target from $399 to $290 due to lower trading volumes and weaker crypto prices, but still sees a 75% upside from the current price of $165.5.

JPMorgan has sharply reduced its price target for Coinbase Global Inc., lowering it from $399 to $290—a 27% decrease—amid ongoing challenges in the cryptocurrency sector. Coinbase’s stock has dropped over 50% since Bitcoin’s all-time high in early October, including a 27% decline in 2026 alone. The revised target comes ahead of Coinbase’s Q4 earnings report and reflects factors such as lower trading volumes, weaker crypto prices, and slower growth in USDC stablecoin balances. JPMorgan now forecasts adjusted EBITDA of $734 million for the quarter, down from $801 million previously, and estimates spot crypto trading volume at $263 billion. Stablecoin-related revenue is projected at $312 million, with Deribit, the crypto derivatives exchange acquired by Coinbase, expected to contribute $117 million on $586 billion in trading volume. Despite the price target cut, JPMorgan still sees a potential 75% upside from Coinbase’s current price of $165.5. Other analysts have also lowered their estimates, citing weaker retail trading and reduced blockchain rewards revenue.