Analysts on Wall Street trimmed their Coinbase price forecasts in response to weaker-than-expected Q4 results.

Fourth-quarter results at Coinbase were pressured by a sluggish digital-asset market, prompting several Wall Street firms to lower their price targets, even as they reiterated longer-term confidence in the company’s strategy.

Analysts at JPMorgan Chase said softer crypto prices and weaker trading volumes weighed on transaction revenue during the period. The bank maintained its overweight rating on the stock but reduced its price target to $252 from $290 in a note published Thursday, citing lower fee capture and a more cautious outlook for industry volumes.

Shares of Coinbase have fallen roughly 40% year-to-date. The stock was trading around $150 in pre-market action at publication time, after closing the prior session at $141.09.

Crypto-linked equities have experienced a volatile start to the year, largely reflecting turbulence in digital-asset markets. Bitcoin, recently near $69,162, remains well below its late-2025 highs and is down about 25% so far this year, underscoring the pressure across the sector.

JPMorgan analysts led by Kenneth Worthington also pointed to a 22% year-over-year increase in operating expenses and a mix shift toward lower-fee products such as Advanced Trading and Coinbase One subscriptions as factors that constrained margins. The team lowered its forward take-rate assumptions — the portion of trading volume retained as revenue — and cited a softer outlook for market capitalization and trading activity.

Separately, Canaccord Genuity kept its buy rating on Coinbase but cut its price target to $300 from $400 after trimming near-term earnings estimates. The firm argued that Coinbase’s scale and consistent profitability distinguish it in a volatile environment, adding that the exchange continues to capture incremental market share as it expands its product offerings.

Analysts led by Joseph Vafi highlighted progress on Coinbase’s “Everything Exchange” initiative, growth in commercial applications for USD Coin, and increasing decentralized finance activity on Base and Ethereum.

The firm’s acquisition of Deribit was described as a strategic step to strengthen its derivatives capabilities and expand cross-selling opportunities internationally across both spot and derivatives markets.

While Canaccord expects industry conditions to remain challenging in the first quarter, it sees Coinbase gaining further market share and increasing share repurchases. The broker views the stock as trading near cyclical lows, with its revised $300 price target based on 22 times its projected 2027 EBITDA.

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