Coinbase Global stock faces pressure after Morgan Stanley downgrade

Coinbase Global faces renewed pressure after Morgan Stanley downgraded the cryptocurrency exchange to Underweight on Monday, November 2, and cut its price target from 258 US dollars to 120 US dollars. The bank cited weaker trading activity, a softer revenue outlook and uncertainty across the crypto market, according to CNBC.

Morgan Stanley analyst Michael Cyprys said Coinbase's fourth-quarter transaction revenue was running at about 165 million US dollars through October 25. The pace implied roughly 607 million US dollars for the quarter, below the 685 million US dollar consensus cited in the report.

Trading slowdown challenges recovery case

The bank lowered its 2027 Coinbase revenue forecast by 28 percent and its adjusted EBITDA estimate by 47 percent. Morgan Stanley said weaker October trading and uncertainty surrounding crypto markets had challenged its earlier expectation of a sharp earnings recovery in 2027.

The analysis also pointed to the roughly 6 billion US dollar Binance hack as a possible risk to confidence in centralized crypto platforms. Coinbase was not directly affected, but weaker customer activity across the sector could weigh on transaction revenue.

Wall Street remains more optimistic overall. CNBC cited LSEG data showing that 26 of 41 analysts held Buy or Strong Buy ratings, while 13 analysts rated the stock Hold.

Coinbase Global stock traded at 120.97 euros on Lang & Schwarz at 21:51 CET on Friday, November 6, 2026. The real-time quote of Coinbase Global stock is available here.

US equities traded against a cautious backdrop as investors weighed earnings expectations and crypto-market volatility; see the latest S&P 500 market coverage.

For more developments, see more news and analyses on Coinbase Global stock.