Morgan Stanley’s Coinbase downgrade cuts price target from $258 to $120
Photo: The Cryptonomist
Morgan Stanley downgraded Coinbase Global (COIN) from Equal Weight to Underweight on November 2, 2026, cutting its price target from $258 to $120 . Analyst Michael Cyprys paired the rating change with sharply lower earnings forecasts as the bank lost confidence in a near-term recovery. Key takeaways Morgan Stanley’s $120 target falls below Coinbase’s October 30 close of $143.54. The bank cut its 2027 adjusted EBITDA estimate by 47%. Its valuation now uses a 12x EBITDA multiple, down from 20x.
Source: The Cryptonomist
