Shares of Coinbase Global Inc. (NASDAQ:COIN) moved lower in premarket trading on Tuesday after JPMorgan trimmed its price target on the cryptocurrency exchange, pointing to a more challenging environment for digital assets. The stock was down 1.7% ahead of the open.
JPMorgan reduced its target price by 27% to $290 from $399, while reiterating its overweight rating. Analyst Kenneth Worthington said the revision reflects a less supportive operating backdrop for cryptocurrencies.
The bank now expects Coinbase’s fourth-quarter 2025 earnings per share to fall sharply from a year earlier, citing weaker trading activity and lower overall crypto market capitalizations.
“In SS&O, we model revenue below the guide at $670mn (guide $710-790mn) given softness in crypto prices, staking yields, and lower USDC growth and reserve rates,” Worthington wrote.
He added that newly consolidated revenue from Deribit is likely to provide some offset, partially cushioning the expected earnings pressure at Coinbase.