EddieJayonCrypto
24 Jan 24
JPMorgan analysts recently downgraded Coinbase stock to underweight, citing the plunge in Bitcoin price and the SEC's approval of spot Bitcoin ETFs. Despite this, they maintained the initial price target of $80 by December. The analysts also noted that the crypto ETFs have portrayed increased potent...
JPMorgan analysts recently downgraded Coinbase stock to underweight, citing the plunge in Bitcoin price and the SEC's approval of spot Bitcoin ETFs. Despite this, they maintained the initial price target of $80 by December. The analysts also noted that the crypto ETFs have portrayed increased potential and enthusiasm to deflate, which will likely result in lower prices for digital tokens. Navigate This Article
JPMorgan Analysts Lowers Coinbase Stock to Underweight Rating The analysts of American investment bank JPMorgan classified the Coinbase stock (COIN) to underweight rating. The latest category portrays a downgrade from the previous neutral rating. Although the analysts downgraded COIN stock, they retained the initial price target of $80 by December. The JPMorgan analysts explained reasons for downgrading the US’s largest crypto exchange stock as necessitated by the plunge suffered by the Bitcoin price. Besides, the analysts illustrate that the downgrade is tied to the historic decision by the US Securities and Exchange Commission (SEC) to approve spot Bitcoin exchange-traded funds (ETFs) on January 10.
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