Coinbase Shares Plunge as Weak Earnings Prompt Near-Term Caution

“We continue to recommend Coinbase as we see it as a leader in the crypto-ecosystem, but we acknowledge that crypto is in need of a catalyst and the risk in owning Coinbase stock continues to rise with positive earnings getting pushed further to the future,” Kenneth Worthington, an equity research analyst at JPMorgan, said in a note to clients. The bank cut its price target to $171 from $258, maintaining an overweight recommendation on shares.

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