CNBC · 2026-11-02 13:06 UTC

Coinbase has been battered over the past month. Morgan Stanley says steer clear

Morgan Stanley downgraded Coinbase to underweight from equal weight, lowering price target to $120 from $258, citing weakened crypto trading and a $6 billion Binance hack. Fourth-quarter transaction revenue through Oct. 25 tracked at $165 million, putting full quarter on pace for ~$607 million, about 11% below consensus of $685 million. Morgan Stanley cut 2027 revenue forecast by 28% and adjusted EBITDA estimate by 47%, citing October's weaker trading pace and crypto market uncertainty.

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