On November 2, 2026, Morgan Stanley analyst Michael Cyprys downgraded Coinbase Global (COIN) from Equal Weight to Underweight. The firm also reduced its price target for the stock from $258 to $120.
Revised forecasts
Morgan Stanley cut its revenue estimates for Coinbase by 28% for 2027 and by 18% for 2028. Adjusted EBITDA forecasts were lowered by 47% for 2027 and by 25% for 2028. The bank now projects normalized 2028 EBITDA of $2.4 billion, which is 14% below the 2025 level.
Valuation changes
The analyst lowered the EBITDA multiple applied to Coinbase from 20x to 12x. The combined effect of reduced earnings estimates and a lower multiple resulted in the new $120 price target, which is below the stock’s closing price of $143.54 on October 30, 2026.
Context
The downgrade follows Coinbase’s third‑quarter earnings report on October 30, which missed expectations. Several other banks had also reduced their price targets for Coinbase in late October. A recent security breach at Binance was noted as a factor contributing to broader market uncertainty and declining trading volumes, which affect Coinbase’s revenue.
Analyst outlook
While Morgan Stanley noted that Coinbase remains well‑positioned in the market due to its expanded product range, the firm highlighted significant risks to the company’s earnings and valuation.
