JPMorgan cited a difficult crypto market and limited profit-and-loss contribution from newer products, while Mizuho said Robinhood is becoming a mainstream alternative for spot crypto trading.
Wall Street's early view on Coinbase's second-quarter results is mixed. JPMorgan lowered its price target on the crypto exchange to $148, pointing to a tough crypto backdrop and saying newer products are not yet contributing much to profit and loss. Mizuho, meanwhile, flagged competitive pressure from Robinhood, warning it is increasingly emerging as an alternative for mainstream crypto spot trading. The split underscores two core issues for Coinbase heading into earnings: sensitivity to market activity and the pace at which diversification efforts can offset volatility in core trading revenue.