Morgan Stanley Downgrades Coinbase to Underweight, Cuts Price Target to $120
JH Kim
Summary
- Morgan Stanley downgraded its rating on Coinbase to underweight from equal-weight.
- Morgan Stanley cut its price target on Coinbase to $120 from $258, a reduction of about 53.5%.
- Morgan Stanley cited the risk of weaker earnings at Coinbase and the possibility that a future recovery could fall short of expectations as reasons for the downgrade.
Forecast Trend Report by Period
Morgan Stanley downgraded cryptocurrency exchange Coinbase to underweight and cut its price target to $120 from $258.
Cointelegraph reported on November 2 that Morgan Stanley lowered its rating on Coinbase to underweight from equal-weight.
The new price target marks a roughly 53.5% reduction from the previous $258.
Morgan Stanley cited the risk of weaker-than-expected earnings at Coinbase and the possibility that any future recovery could fall short of expectations as reasons for the downgrade.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.