Coinbase Global (COIN) is facing a difficult week as it prepares to report its latest financial results this Thursday, February 12. The company’s stock has already dropped nearly 30% since the start of 2026, and analysts are now warning that the business is slowing down. On February 10, JPMorgan analyst Ken Worthington lowered his price target for the stock from $399 down to $290.
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Trading Slump Hits Coinbase’s Revenue Predictions
The main reason for the lower price target is a drop in crypto trading. When Bitcoin (BTC-USD) and other digital coins lose value, fewer people tend to trade, which means Coinbase makes less money from fees. Worthington expects the company’s adjusted earnings to fall to $734 million, down from over $800 million in the previous quarter. Even though Coinbase recently bought the derivatives exchange Deribit to help grow its business, that new revenue might not be enough to make up for the overall slump in the market.
Analysts Worry about Coinbase’s “Subscription” Income
Coinbase has been trying to rely less on trading fees by growing its “subscription and services” business. This includes things like interest from the USDC (USDC-USD) stablecoin and rewards for staking. However, JPMorgan expects this segment to bring in only $670 million, which is lower than what the company previously told investors to expect.
Other experts are also feeling cautious. Benjamin Budish from Barclays noted that his team is “notably lower on retail trading revenues” after seeing similar slowdowns at other companies like Robinhood (HOOD). Ed Engel at Compass Point added that he expects the results to show that the company’s revenue “remains tied to overall crypto prices.”
Let’s Look at COIN Stock’s Performance
The year 2026 has been a rocky ride for Coinbase investors. After Bitcoin hit a record high of over $126,000 in October, the entire crypto market cooled off. Coinbase shares followed that downward path, falling from over $300 late last year to around $165 today. While JPMorgan still thinks the stock could go up in the long term, the short-term outlook depends heavily on whether trading picks back up in the coming months.
Is Coinbase a Good Stock to Buy Now?
According to TipRanks, Coinbase stock (COIN) has a consensus Moderate Buy rating among 19 Wall Street analysts. This rating is based on 11 Buys, seven Holds, and one Sell assigned in the past three months. The average 12-month COIN price target of $319.87 implies 92.5% upside potential from current levels.
