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JPMorgan Analysts Drop Price Target for Coinbase Stock Due to Pressure on Crypto Markets: Report

JPMorgan Analysts Drop Price Target for Coinbase Stock Due to Pressure on Crypto Markets: Report

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Analysts at banking giant JPMorgan have reportedly lowered their price target for cryptocurrency exchange Coinbase (COIN), citing growing pressure in the digital asset market.

According to a MarketWatch report, JPMorgan analyst Kenneth Worthington has a neutral rating on COIN, but has lowered his price target by 23 percent from $78 to $60, which is only slightly below its current price of $61.88.

Worthington said in a note to clients that crypto trading will continue to face pressure in the third quarter of this year and that Coinbase will lose market share during the downturn.

According to Yahoo Finance, analysts at JPMorgan believe that Coinbase’s staking business, which it offers for six different cryptoassets, “will have less upside given crypto sales.”

Meanwhile, top rating agency Moody’s has affirmed Coinbase’s Ba3 rating and placed COIN in the “junk” category. The company has changed its view on COIN’s rating review to negative.

Moody’s senior analyst Fadi Abdel Massih said,

“The outlook is negative due to the challenging crypto asset environment that continues to slow down Coinbase’s free cash flow generation capacity.”

At the time of writing, COIN is about 85% below its all-time high of $426.

Coinbase is currently facing several lawsuits, including one alleging that the exchange infringed on a patent for its value transfer technology.

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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that transfers and trades are at your own risk, and any losses are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock/Urboshi



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