Nov. 3 (CandyPulse) — Wall Street just turned a lot more cautious on the biggest U.S. crypto exchange. Morgan Stanley downgraded Coinbase (COIN) to Underweight from Equal-Weight and slashed its price target from $258 to $120, a cut of about 53%.
Key takeaways
| Metric | Before | After |
|---|---|---|
| Rating | Equal-Weight | Underweight |
| Price target | $258 | $120 |
| 2027 revenue estimate | — | Cut 28% |
| 2027 adjusted EBITDA estimate | — | Cut 47% |
| EBITDA multiple applied | 20x | 12x |
Coinbase makes much of its money from trading fees, and trading has slowed. Crypto trading volumes fell about 10%, and price volatility hit multiyear lows, meaning fewer big moves and fewer trades. That showed up in Coinbase's third quarter: revenue of $1.22 billion, down 35% from a year earlier, with adjusted EBITDA down 58%. Some coverage also points to added uncertainty after the record Binance hack.
Several other banks also lowered their Coinbase targets in late October, but the overall analyst view is still positive: 26 of 41 analysts rate the stock buy or strong buy, and 13 rate it hold. Coinbase is also expanding beyond trading, from its own derivatives clearinghouse to stablecoin payments with Citi. Compare with rival Robinhood's Q3, where its own chain lifted crypto revenue.
Watch whether trading volumes recover into year-end, and whether other banks follow Morgan Stanley's lead. More on crypto news today.
Disclaimer: This article is for information only and is not financial or investment advice. Analyst ratings and price targets are opinions, not guarantees. Stocks and crypto assets can lose value. Always do your own research.
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