JPMorgan maintains $196 price target despite Coinbase's disappointing Q3 results

BlockBeats news, November 1, JPMorgan analysts Kenneth B. Worthington, Michael Cho, Alexander Bernstein and Madeline Daleiden wrote in a report on Friday: "Although the overall performance was lower than expected, we believe that Coinbase will continue to play in emerging areas of its business and welcome potential avenues for future growth.

We continue to believe in the crypto ecosystem and see Coinbase as a leading intermediary, so we maintain a neutral rating and a target price of $196 in December 2025."

On Wednesday, Coinbase released its third-quarter results, reporting a net income of $75 million, which fell short of the $112.2 million analysts surveyed by Bloomberg expected. Although the company's net income, net profit and adjusted EBITDA increased year-on-year due to the low price of cryptocurrencies last year, some of its key earnings data declined compared with the previous quarter. For example, the company's third-quarter net income was $1.13 billion, down from $1.38 billion in the previous quarter.