JPMorgan analysts maintain a neutral rating on Coinbase stock and set a price target of $196 for December 2025, adding that Coinbase continues to execute on its long-term plans despite weaker-than-expected third-quarter results. JPMorgan analysts Kenneth B. Worthington, Michael Cho, Alexander Bernstein and Madeline Daleiden wrote in a note on Friday: "Despite the weaker-than-expected overall results, Coinbase will continue to play a role in emerging areas of its business, and we continue to believe in the crypto ecosystem and view Coinbase as a leading intermediary, so we maintain our neutral rating and target price of $196 for December 2025."