Morgan Stanley downgraded Coinbase (COIN) to Underweight and cut its target price to $120 from $258, citing weaker trading trends and an uncertain crypto-market outlook, according to CNBC as cited by BlockBeats.
Trading outlook drives the downgrade
Analyst Michael Cyprys said Coinbase’s fourth-quarter trading revenue was about $165 million as of Oct. 25. At that pace, the report calculated roughly $607 million for the full year, about 11% below a market consensus near $685 million.
Morgan Stanley also cut its 2027 Coinbase revenue forecast by 28% and adjusted EBITDA forecast by 47%. LSEG data cited by the report showed 26 of 41 analysts at Buy or Strong Buy and 13 at Hold, leaving the Underweight call outside the majority view. The $120 target is an attributed analyst scenario, not a Market Meridian forecast.
Source: BlockBeats English report citing CNBC, published Nov. 2, 2026, at 13:23 UTC. Chinese source.