Morgan Stanley cuts Coinbase to underweight and slashes target to $120
Morgan Stanley downgraded Coinbase to underweight from equal-weight and cut its price target by 53% to $120, citing slowing trading activity, a weaker earnings recovery outlook, and fallout from the Binance hack.
Morgan Stanley has downgraded Coinbase to underweight from equal-weight and reduced its price target on the stock from $258 to $120, representing a 53% cut. The bank cited downside risks to earnings alongside a weaker recovery outlook, noting that it sees 16% downside for the crypto exchange.[3][5][6][7]
Morgan Stanley analyst Michael Cyprys pointed to softening crypto trading activity, a disappointing revenue outlook, and lingering uncertainty stemming from the $6.3 billion Binance hack. The move follows a post-earnings slump for Coinbase, which has faced mounting pressure over the past month as crypto market volatility weighs on investor confidence.[1][2][3][4][6][7]
In addition to lowering the rating, Morgan Stanley adjusted its medium-term financial projections. The firm lowered its 2027 revenue forecast for Coinbase by 28% and reduced its adjusted EBITDA forecast by 47%. Coinbase reported third-quarter revenue of $1.22 billion, which missed Morgan Stanley's forecast by 6%.[3]
Key facts
- Morgan Stanley downgraded Coinbase from equal-weight to underweight.
- Morgan Stanley reduced its price target on Coinbase by 53%, cutting it from $258 to $120.
- Morgan Stanley analyst Michael Cyprys cited weaker trading activity, poor revenue prospects, and uncertainty following the $6.3 billion Binance hack.
- Morgan Stanley lowered its 2027 revenue projection for Coinbase by 28% and its adjusted EBITDA estimate by 47%.
- Coinbase's third-quarter revenue of $1.22 billion missed Morgan Stanley's forecast by 6%.
- Morgan Stanley indicated that the new $120 target implies 16% downside for Coinbase.
Sources · 7 sources
- CN
CNBC@CNBCPost on X ·
Coinbase has been battered over the past month. Morgan Stanley says steer clear https://t.co/Cg2W4P4uFw
Open source - CT
Coin TelegraphArticle ·
Coinbase hit with 50% price target cut as post-earnings rout deepens Slowing trading activity and fallout from the Binance hack are clouding Coinbase’s revenue prospects, prompting Morgan Stanley to lower its rating on the stock.
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*Walter Bloomberg@DeItaonePost on X ·
MORGAN STANLEY DOWNGRADES COINBASE, SLASHES PRICE TARGET TO $120 Morgan Stanley downgraded Coinbase ($COIN ) to Underweight from Equal-weight, cutting its price target to $120 from $258, a 53% reduction. Analyst Michael Cyprys cited weakening trading activity, a disappointing revenue outlook and uncertainty following the $6.3 billion Binance hack. The bank lowered its 2027 revenue forecast by 28% and adjusted EBITDA estimate by 47%. Q3 revenue of $1.22 billion missed Morgan Stanley's forecast by 6%.
Open source - CB
Crypto Briefing@Crypto_BriefingPost on X ·
📉 NEW: Morgan Stanley downgraded Coinbase to underweight and cut its price target to $120, citing weaker trading and crypto market uncertainty. https://t.co/OPgdzP3Aeh
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🚨 LATEST: Morgan Stanley downgraded Coinbase ($COIN) to Underweight from Equal-weight and slashed its price target to $120 from $258, citing downside risks to earnings and a weaker recovery outlook. https://t.co/saZ7VvFsjv
Open source - CO
CoindeskArticle ·
Coinbase downgraded at Morgan Stanley; price target slashed 53% on weak earnings outlook Analyst Michael Cyprys cited weak crypto trading activity and doubts about an earnings recovery.
Open source - CB
Crypto BriefingArticle ·
Morgan Stanley cuts Coinbase price target to $120, sees 16% downside Morgan Stanley's downgrade of Coinbase highlights growing concerns over the crypto sector's volatility and its impact on investor confidence. The post Morgan Stanley cuts Coinbase price target to $120, sees 16% downside appeared first on Crypto Briefing .
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