TechFlow reported on November 1 that, according to The Block, despite Coinbase's third-quarter results missing expectations, JPMorgan analysts maintained their "neutral" rating and a $196 price target (for December 2025). Coinbase reported third-quarter net revenue of $1.13 billion and net income of $75 million, falling short of analysts' expected $112.2 million. JPMorgan analysts noted that Coinbase continues to make progress in areas such as Base Layer 2 (with total value locked reaching $2.7 billion), stablecoins, and wallets, and has announced a $1 billion share buyback program, reflecting the company's confidence in its future development.
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