BLOOMBERG · 2026-11-06 11:52 UTC

Coinbase Bear Morgan Stanley Says Earnings Recovery Less Certain

Morgan Stanley analyst Michael Cyprys downgraded Coinbase to underweight from equal-weight and cut his price target by more than half to $120. Cyprys cut his 2027 revenue estimate by 28% to $6.4 billion and his 2028 estimate by 18% to $6.6 billion, below Bloomberg-compiled averages of $6.51 billion and $7.81 billion. Coinbase shares are down more than 39% year-to-date and are estimated to post an adjusted loss of 48 cents a share this year; Monness analyst Gus Galá, who has a sell rating, said 2027 is a "lost year."

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