Coinbase Global Inc. (COIN) PT Lowered to $61 at JPMorgan

JPMorgan analyst Kenneth Worthington lowered the price target on Coinbase Global Inc. (NASDAQ: COIN) to $61.00 (from $68.00) while maintaining a Neutral rating.

The analyst comments "Late night and on the road, we reflect on Coinbase’s decision to eliminate 1,100 jobs. Based on the severity of the decline in crypto token prices, it doesn’t seem to us that Coinbase went far enough, and, thus, we would expect more cost cutting in coming quarters to right-size the business to better reflect the earnings power of the business should crypto price not rebound. While this week’s announcement is focused on headcount, keep in mind that Coinbase still maintains a number of expense levers at its disposal (e.g., marketing, software, investments, etc.). If cryptocurrency prices do rebound and earnings power jumps, less or no additional right-sizing might be needed. We have adjusted our estimates and our Dec-22 price target to $61."

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