Coinbase Global (NASDAQ:COIN) stock is trading higher on Friday after the company reported mixed fourth-quarter (Q4) results. Here's why analysts are lowering their price targets after the quarterly results.
- JPMorgan analyst Kenneth Worthington maintained an Overweight rating on Coinbase and lowered the price target from $290 to $252.
- Rosenblatt analyst Chris Brendler reiterated a Buy rating and lowered the price target from $325 to $240.
- Canaccord Genuity analyst Joseph Vafi maintained a Buy rating and lowered the price target from $400 to $300.
- Benchmark analyst Mark Plamer maintained a Buy rating and lowered the price target from $421 to $267.
JPMorgan: A poor cryptocurrency environment hurt Coinbase's Q4 results, Worthington said in a new investor note. But the firm is optimistic about U.S. crypto legislation.
"Management demonstrates its conviction by increasing its investment in crypto and buying back its stock," Worthington said. "We see Coinbase as both a leading driver and beneficiary of the cryptocurrency economy."
Product development, tokenization, and payments will drive long-term success, he adds.
Rosenblatt: While the cryptocurrency market hurt Coinbase in the fourth quarter, Brendler said the company is still the "best positioned" and is increasing its diversification efforts.
"COIN's 4Q results were weaker than expected as the sudden reversal in crypto markets weighed more than expected on results," Brendler said.
The analyst is lowering estimates for Coinbase as the cryptocurrency market conditions are "worsening" in 2026.
"Despite this darkening near-term outlook, we still view COIN as the stock to own in the sector. Crypto cycles are challenging, but COIN is more diversified than ever given recent progress on key growth initiatives."
The analyst highlighted stablecoins, staking, payments and the Base app as ways Coinbase is diversifying from relying on retail and institutional trading volume.
"We believe the broader earnings base is becoming more resilient and increasingly supported by non-trading businesses heading into 2026."
Brendler said Coinbase is the "clear leader" in the sector.
"We view the recent sell-off as an opportunity to build positions in the blue-chip name in a disruptive sector that we expect to power the future of finance."
Canaccord Genuity: "While no exchange or trading platform can be spared from what has happened to crypto spot prices over the past month, COIN remains solidly profitable, and is taking incremental share while it continues to expand its service offerings," Vafi said.
Coinbase remains focused on product expansion and diversification during the current volatility, the analyst said. The tough cryptocurrency market could provide Coinbase with a competitive advantage due to its size, Vafi added.
"We are confident in COIN remaining solidly profitable no matter the environment, and we believe we should be close to cyclical lows over the near term."
Benchmark: Coinbase’s stock price could still be too closely tied to digital asset prices, Palmer said. "Yet its underlying business is evolving into something more diversified and durable," he added.
The analyst said the revenue miss and lower trading volumes could be overshadowing key highlights, such as trading volume doubling in the full year and market share doubling.
"The stock offers exposure to a compelling long-term secular growth story."
Coinbase Stock Price Action
The company’s stock price is up 16.6% to $164.45 on Friday versus a 52-week trading range of $139.36 to $444.64. Coinbase stock is down 44.9% over the last 52 weeks.
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