JPMorgan’s North American equity team is lowering its price target for shares of Coinbase Global from $78 to $60 for December.
The publicly listed crypto exchange draws the majority of its revenue from U.S. crypto trading levels, meaning its third and fourth quarter earnings hinge on crypto trading interest.
“We think pressure on Coinbase revenue from falling cryptocurrency markets will pressure the stock price,” JPMorgan analysts wrote.
Shares of Coinbase Global (COIN) sold down from…
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