Coinbase price target lowered to $215 from $276 at JPMorgan

JPMorgan lowered the firm’s price target on Coinbase (COIN) to $215 from $276 and keeps a Neutral rating on the shares. The firm says a more challenging environment “plagued” the company’s Q1 results with Q2 starting slowly. The results fell short of expectations as trading shifted more towards lower fee institutional and some commission compression driven by mix and institutional rebates in derivatives, the analyst tells investors in a research note. JPMorgan notes the more challenging transaction environment takes a “big chunk” out of its forward earnings projections.