Morgan Stanley Downgrades Coinbase to "Underweight," Cuts Price Target to $120

November 3 — According to Investing.com, Morgan Stanley analyst Michael Cyprys downgraded Coinbase (COIN) from "Neutral" to "Underweight" and cut his price target from $258 to $120, a reduction of about 53.49%. The analyst said confidence in Coinbase's earnings recovery has weakened, citing recent trading trends, a softening forward revenue outlook, and uncertainty in the crypto market following the Binance theft incident. Morgan Stanley noted that Coinbase's third-quarter revenue of $1.22 billion came in 6% below its estimate, and it cut its 2027 and 2028 revenue forecasts by 28% and 18%, respectively.