Wall Street analysts trimmed their price targets on Coinbase after the company’s fourth-quarter results fell short of expectations, reflecting ongoing weakness across digital-asset markets.

In a Thursday note, JPMorgan Chase said lower crypto prices and softer trading activity weighed on volumes and transaction fees during the period. While the bank reiterated its overweight rating, it reduced its price target to $252 from $290, citing a more cautious outlook for industry volumes and revised assumptions around Coinbase’s take rate — the percentage of trading volume the exchange keeps as revenue.

Coinbase shares have declined about 40% year-to-date. The stock was trading around $150 in pre-market activity at publication time, after closing the previous session at $141.09.

Crypto-linked equities have mirrored turbulence in digital assets this year. Bitcoin, recently near $69,162, remains well below its late-2025 highs and is down roughly 25% so far this year, underscoring the pressure facing the sector.

JPMorgan analysts led by Kenneth Worthington also highlighted 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 factors that constrained margins. The bank lowered its forward revenue capture estimates to reflect softer trading volumes and market capitalization trends.

Separately, Canaccord Genuity maintained its buy rating on Coinbase but cut its price target to $300 from $400 after reducing near-term earnings forecasts. The firm said Coinbase’s scale and consistent profitability differentiate it in a volatile environment, and noted that the exchange continues to gain incremental market share as it broadens its product ecosystem.

Analysts led by Joseph Vafi pointed to progress on Coinbase’s “Everything Exchange” initiative, expanding commercial use cases for USD Coin, and increasing decentralized finance activity on Base and Ethereum.

The company’s acquisition of Deribit was described as a strategic addition aimed at strengthening its derivatives capabilities and driving cross-selling opportunities outside the U.S. across both spot and derivatives markets.

While Canaccord expects a more challenging first quarter for the broader industry, it sees Coinbase continuing to gain share and ramp up stock repurchases. The broker views the shares as trading near cyclical lows, with its revised $300 price target based on 22 times projected 2027 EBITDA.