JPMorgan cuts Coinbase price target to $290 ahead of earnings

JPMorgan analyst Ken Worthington trimmed his price target on Coinbase to $290 from $399 ahead of the company’s fourth-quarter earnings due after the close on Thursday. Worthington remains bullish, and his reduced target implies roughly 75% upside from COIN’s current price of $1655.

The stock has plunged more than 50% since bitcoin’s early October record above $126,000, including a 27% decline in 2026 alone. Worthington models adjusted EBITDA of $734 million, down from $801 million in the third quarter, citing lower trading volumes, weaker crypto prices and slower growth in USDC stablecoin balances.

He estimates spot crypto trading volume of $263 billion for the quarter and models stablecoin-related revenue of $312 million. A full quarter of Deribit results helps: JPMorgan projects total transaction revenue of $1.06 billion, with Deribit contributing about $117 million on an estimated $586 billion in trading volume.

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