JPMorgan has slashed its price target on Coinbase Global Inc. (NASDAQ: COIN) to $196 from $283. 

This is nearly a 31% cut, while maintaining an “Overweight” rating on the largest U.S. crypto exchange.

The revision, led by analyst Kenneth Worthington, still implies roughly 24% upside from the stock’s recent levels near $158.60. Coinbase shares were down 1.18% intraday at press time.

Related: Coinbase CEO has one-word response to sheriffs group’s sudden shift

A bearish chorus grows louder

JPMorgan isn’t alone in tempering expectations. Compass Point reiterated a “Sell” rating with a far lower $140 target.

The target implies roughly 12% downside from the stock’s price.  …