JPMorgan sets a low price target for Coinbase.

JPMorgan Signals Recession for Coinbase

JPMorgan announced that it has lowered its price target for Coinbase from $399 to $290 for December 2026. The main reasons for the decline include weak crypto trading volumes, softening prices, and a slowdown in the growth of USDC.

The bank's assessment still maintains Coinbase in the Overweight classification. However, ahead of fourth-quarter results, it forecasts a significant decline in revenue and EBITDA. This forecast takes into account the full quarterly revenue from the Deribit derivatives acquisition.

Other firms presenting a more cautious or negative perspective include Barclays and Compass Point. These institutions warn that retail trading, blockchain rewards, and subscription and service revenues may not meet expectations. They also note that these revenues will continue to depend on overall crypto prices.