COIN is trading at $156.40 (-3.76%) after JPMorgan downgraded the stock and slashed its price target due to a less constructive cryptocurrency operating environment.
- Analyst Kenneth Worthington cut the price target from $399 to $290, citing expectations for lower trading volumes and market capitalizations to significantly impact earnings per share through 2025.
- JPMorgan's modeled subscription and services revenue of $670 million falls short of the company's own guidance range of $710 million to $790 million.
- The downgrade coincides with broader market pressure, as Bitcoin and Ethereum fell 1.16% and 1.36% respectively, further weighing on the exchange's trading activity outlook.