JP Morgan (JPM) has updated its Coinbase stock price target amid regulatory risks.
As regulatory pressures on cryptocurrency exchanges mount, analysts at JPM lowered the year-end price target of Coinbase stock from $60 to $52.
Updated Year-End Price Forecast for Coinbase Stock
Analysts at JP Morgan (JPM) have updated their year-end price forecast for Coinbase stock as regulatory pressures begin to mount. JPM lowered its year-end target from $60 to $52.
JP Morgan cited ongoing regulatory risks to the company’s digital-focused businesses, including staking, USDC stablecoins and custody, as the main reasons for the change in outlook.
Analysts drew attention to the following issues in their statements:
“While we continue to agree with the consensus view that thoughtful rules and regulations are needed to bring greater trust and growth to the crypto ecosystem, we view enforcement through enforcement as a risk for digitally-focused businesses. However, the SEC’s recent actions put different parts at risk, including staking, the USDC stablecoin, and custody.”
Coinbase shares were down 0.5 percent at $65.27 on Friday morning.
