Morgan Stanley Downgrades Coinbase to Underweight Amid Weakening Crypto Trading
Morgan Stanley has downgraded Coinbase Global (COIN) from equal weight to underweight, significantly slashing its price target from $258 to $120. The downgrade follows a period of volatility where the stock fell approximately 22% over the past month. Analysts cite concerns regarding a slowdown in crypto trading volumes and uncertainty surrounding the broader market landscape. Financial projections for Coinbase have been revised downward, with Morgan Stanley cutting its 2027 revenue forecast by 28% and adjusted EBITDA estimates by 47%. The bank noted that transaction revenue through late October is tracking roughly 11% below consensus expectations. Additionally, the recent $6 billion hack on competitor Binance has raised concerns about potential stagnation in digital asset trading activity.
Topics: Crypto Trading Volume Cryptocurrency Exchange Revenue Forecast Stock Downgrade
Part of the story Morgan Stanley Downgrades Coinbase to Underweight Following Binance Hack and Slowing Retail Activity (4 articles)