Morgan Stanley cuts Coinbase price target to $120, downgrades to underweight

Morgan Stanley has downgraded Coinbase Global Inc., one of the leading US-based cryptocurrency exchanges, to underweight from equalweight, significantly reducing its price target to $120 from $258. The move reflects growing concerns among analysts about the company’s ability to recover its earnings amid a prolonged slump in crypto trading activity and ongoing market uncertainty. Analyst Michael Cyprys from Morgan Stanley published a note on Monday, stating that confidence in Coinbase’s earnings rebound has weakened in light of subdued trading volumes, a softer revenue trajectory, and overall uncertainty following the recent Binance hack.

Source: CoinTurk News