Update
Morgan Stanley Downgrades Coinbase to Underweight
Morgan Stanley has downgraded Coinbase to Underweight and set a $120 price target. The downgrade is based on weaker trading activity and slowing earnings growth, with concerns raised about the impact of the Binance hack on centralized crypto exchanges. Morgan Stanley lowered its 2027 revenue estimate by 28% and its 2028 forecast by 18%. Coinbase reported $1.22 billion in third-quarter revenue, with transaction revenue down 44% from a year earlier. The bank's $120 target leaves room for another 16.4% decline.