From Nasdaq:

Summary: JPMorgan downgrades Coinbase to ‘Underweight,’ with an $80 price target, due to a lackluster start for Spot Bitcoin ETF trading. Analysts acknowledge Coinbase’s innovations but highlight a competitive landscape and underwhelming initial performance of Bitcoin ETFs, impacting their valuation.

Summary: Coinbase faces risks from regulatory scrutiny, ongoing litigation with the SEC, and the dominance of Binance. JPMorgan values Coinbase at $80 but predicts the exchange’s earnings to be squeezed by existing challenges and a new methodology based on cryptocurrency market capitalization.

Summary: Opportunities for Coinbase lie in expanding across untapped markets and the promising growth of its derivative offerings and the Base platform. The exchange also faces regulatory risks, litigation with the SEC, and competition from Binance. JPMorgan values Coinbase at $80 but predicts earnings may be negatively impacted by existing challenges.



Read more: Coinbase Downgraded To ‘Underweight:’ JPMorgan Analysts Blame Regulatory Risks, ETF Letdown