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Morgan Stanley downgrades Coinbase to Underweight, slashes price target to $120 from $258 (Nov 2)
What happened
Morgan Stanley downgraded Coinbase to Underweight from Equal Weight on Monday morning and cut its price target to $120 from $258 — a 53% reduction that resets the Street's bearish anchor on the stock. Shares fell 2.1% to $140.40 in early trading. The downgrade lands the same morning Coinbase is also digesting the weekend's $6.3 billion Binance hack, the largest crypto heist ever, which had crypto-related equities tumbling in premarket trading.
Why it matters & what’s next are part of Pro, along with the audio summary.
Start your free 14-day trialWho’s affected
- COIN (Coinbase — downgraded stock fell 2.1% to $140.40; the $120 target implies ~14% downside from current levels)
- Crypto-equity complex (MSTR, CRCL — typically trade in sympathy with COIN on institutional sentiment shifts)
- Binance-hack fallout names (already weakened by the $6.3B heist news, adding a second bearish datapoint in one trading day)
Sources