Coinbase saw its price targets reduced by Wall Street analysts following a miss on fourth-quarter earnings.

A softer digital-asset backdrop weighed on fourth-quarter performance at Coinbase, leading several Wall Street firms to lower their price targets, even as they reaffirmed confidence in the company’s long-term positioning.

In a note published Thursday, analysts at JPMorgan Chase said declining crypto prices and reduced trading activity pressured volumes and transaction fees during the quarter. The bank maintained its overweight rating on Coinbase but cut its price target to $252 from $290, reflecting weaker take-rate assumptions and a more cautious outlook for industry trading volumes and market capitalization.

Coinbase shares have dropped about 40% since the start of the year. The stock was trading near $150 in pre-market dealings at the time of publication, after closing the previous session at $141.09.

Crypto-related equities have had a volatile start to the year, largely mirroring swings in digital-asset prices. Bitcoin, recently around $69,162, remains well below its late-2025 highs and is down roughly 25% year-to-date, highlighting broader sector weakness.

JPMorgan analysts led by Kenneth Worthington also flagged a 22% year-over-year increase in operating expenses and a shift toward lower-fee products such as Advanced Trading and Coinbase One subscriptions as additional drags on profitability. The bank trimmed its forward estimates for the company’s take rate — the portion of trading volume retained as revenue — to account for the changing product mix and softer activity levels.

Meanwhile, Canaccord Genuity reiterated its buy rating but reduced its price target to $300 from $400 after lowering near-term forecasts. The firm said Coinbase’s scale and sustained profitability stand out in a choppy market, adding that the exchange continues to gain incremental market share as it broadens its offerings.

Analysts led by Joseph Vafi pointed to progress on the company’s “Everything Exchange” strategy, expanding real-world use cases for USD Coin, and growing decentralized finance activity on Base and Ethereum.

The acquisition of Deribit was described as a strategic move to enhance Coinbase’s global derivatives footprint and support cross-selling opportunities beyond the U.S. across both spot and derivatives markets.

Although Canaccord expects industry conditions to remain challenging in the first quarter, it sees Coinbase continuing to capture market share and increase stock buybacks. The firm views the shares as trading near cyclical lows, with its revised $300 target based on 22 times projected 2027 EBITDA.