Posted 1/23/2024, 5:11:54 PM
JPMorgan Downgrades Coinbase, Sees Slowing Growth Ahead After Crypto Boom
- JPMorgan downgraded Coinbase from "Neutral" to "Underweight" citing lower expected growth
- They believe enthusiasm around crypto is cooling following SEC spot Bitcoin ETF approvals
- See 35% downside risk for Coinbase compared to current valuation levels
- In 2023 Coinbase stock gained 390% compared to 25% for the S&P 500
- JPMorgan thinks the crypto community overestimated impact of Bitcoin ETF approvals