Morgan Stanley Downgrades Coinbase Rating to Underweight, Target Price Cut to $120
Prefer us on GoogleMorgan Stanley analyst Michael Cyprys has downgraded Coinbase (COIN) from neutral to underweight, reducing the target price from $258 to $120, a decrease of approximately 53.49%. The analyst's confidence in Coinbase's earnings recovery has diminished due to recent trading trends, a weakening revenue outlook, and uncertainty in the crypto market following the Binance hack incident. Morgan Stanley noted that Coinbase's third-quarter revenue was $1.22 billion, which is 6% lower than its expectations, and it has cut its revenue forecasts for 2027 and 2028 by 28% and 18%, respectively.
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