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JPM Cuts Coinbase Price Target Due to Regulatory Risks

Analysts at J.P. Morgan cut their price target for Coinbase (COIN) stock to $52 from $60 for the year ending in December, a report from the bank on Friday showed.

J.P. Morgan cited ongoing regulatory risks to the company’s digital-focused businesses, including staking, USDC stablecoin and custody, as the main reasons for the change in outlook.

“While we continue to agree with the consensus view that thoughtful rules and regulations are what is needed to deliver greater confidence in and growth for the crypto ecosystem, we see regulation through enforcement as a risk to digital-focused businesses,” analysts wrote. “However, recent actions by the SEC put different pieces at risk, including staking, USDC stablecoin and custody.”

Coinbase shares were down 0.5% to $65.27 on Friday morning.

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