JPMorgan Chase Reports on Coinbase’s Earnings: A Mixed Bag

02/22/2023 12:30 • Blockchain Briefs • 86 views

On February 22, JPMorgan Chase said in a research report on Tuesday that the adjusted loss per share (EPS) of Coinbase (COIN) in the fourth quarter was $2.46, which was higher than JPMorgan Chase’s expected loss per share of $2.85, but lower than Bloomberg’s generally expected loss per share of $2.17. The bank raised the target price of Coinbase from $52 to $57, but maintained a neutral rating. As of the time of press release, the share price of Coinbase fell 1.5% to US $61.16 in pre-market trading.

JPMorgan Chase: raised the target price of Coinbase from $52 to $57, but maintained the neutral rating

Analysis based on this information:

JPMorgan Chase recently released a report on Coinbase’s earnings for the fourth quarter of 2020. While the report showed that Coinbase’s adjusted loss per share (EPS) was $2.46, which was lower than Bloomberg’s expected loss per share of $2.17, it was still higher than JPMorgan Chase’s expected loss per share of $2.85. Despite this mixed bag, JPMorgan Chase raised the target price of Coinbase from $52 to $57, but maintained a neutral rating.

There are a few things to unpack from this report. First, it’s important to note that Coinbase’s overall performance has been impacted by the volatility of the cryptocurrency market, which can be difficult to predict. This might explain why the actual loss per share was different from what was expected by JPMorgan Chase and Bloomberg.

Second, the fact that JPMorgan Chase raised the target price of Coinbase slightly indicates that they still have some confidence in the company, despite its earnings report not meeting expectations. However, since they maintained a neutral rating, this also suggests that they don’t think the company is doing exceptionally well.

Finally, it’s worth noting that despite JPMorgan Chase’s report, Coinbase’s share price fell 1.5% in pre-market trading. This suggests that investors may be wary of the company, perhaps due to the mixed results of their earnings report.

Overall, this report paints a somewhat murky picture of Coinbase’s performance. While they didn’t meet JPMorgan Chase’s expected loss per share, they did exceed Bloomberg’s expectations. And while JPMorgan Chase raised the target price of Coinbase, they maintained a neutral rating. It will be interesting to see how Coinbase continues to perform in the coming months, particularly as the cryptocurrency market remains volatile.

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