Ken Worthington

JP Morgan cut the price target to $290 from $339 citing "softer trading and crypto prices," yet the analyst "remains bullish on the stock" noting the target still implies "75% upside" from the current price of $163. The stock is down nearly 30% year-to-date, pricing in the revenue weakness. The analyst suggests the sell-off is excessive relative to the fundamental value. This creates a mean-reversion opportunity where the bad news is priced in, but the long-term infrastructure value is discounted. Long COIN to capture the discrepancy between the depressed market price ($163) and the analyst's fundamental valuation ($290). Continued decline in retail crypto trading volumes or regulatory enforcement actions.