Coinbase hit with 50% price target cut as post-earnings rout deepens
Summary
Morgan Stanley cut its Coinbase price target 53%, from $258 to $120, saying profits may recover more slowly amid weaker trading trends, a softer revenue outlook and crypto-market uncertainty. The downgrade followed Coinbase’s report of a 34% year-over-year drop in third-quarter net revenue to $1.16 billion. Net income was $719 million, largely reflecting gains on crypto investments, while adjusted net income was $78 million. Coinbase shares fell more than 13% on Friday and another 3.3% on Monday, alongside declines in Circle and Strategy shares.
