Coinbase’s stock rose because people were hopeful about new bitcoin ETFs. But now, JPMorgan analyst Kenneth Worthington is worried that the excitement might fade.
He recently lowered his rating for Coinbase from neutral to underweight, thinking that people might end up disappointed with the new bitcoin ETFs.
JPMorgan Warns of 35% Coinbase Stock Drop Amid Cryptocurrency ETF Caution
Recently, Bitcoin prices fell below $40,000, causing JPMorgan analyst Kenneth Worthington and his team to worry about a potential decline in enthusiasm for cryptocurrency ETFs.
They expect this to lead to lower token prices, reduced trading volume, and less revenue for platforms like Coinbase. Despite the concerns, Worthington maintains a $80 price target for Coinbase shares, indicating a possible 35% decrease.
He suggests that the expected benefits from bitcoin ETFs might not materialize as quickly as anticipated. Following the downgrade, 11 out of 27 analysts now hold negative views on Coinbase shares.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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