Morgan Stanley downgraded Coinbase to underweight and lowered its price target to $120.

Morgan Stanley downgraded Coinbase stock from equal-weighted to underweight, lowering its price target from $258 to $120. Analyst Michael Cyprys stated that weakening trading trends and uncertainty in the crypto market impacted profitability. Coinbase's fourth-quarter trading revenue is projected at $165 million, below the market consensus of $685 million. Following the $6 billion hack of Binance, the halt in crypto trading has dragged down Coinbase's earnings and share price, leading Morgan Stanley to lower its 2027 revenue and EBITDA forecasts. (Source: CNBC)