On November 2, 2026, Morgan Stanley analyst Michael Cyprys downgraded Coinbase Global from Equal-Weight to Underweight and slashed the price target from $258 to $120. The bank cited weak trading trends, lower revenue projections, and market uncertainty following a major Binance hack. Morgan Stanley reduced Coinbase's 2027 revenue forecast by 28% and cut EBITDA estimates for 2027 and 2028 while compressing the target valuation multiple from 20x to 12x.
Morgan Stanley downgrade
- ▪Morgan Stanley downgraded Coinbase Global due to weak trading trends, a softer forward revenue outlook, and crypto market uncertainty
- ▪Morgan Stanley analyst Michael Cyprys downgraded Coinbase Global from Equal-Weight to Underweight on November 2, 2026
Price target cut
- ▪Morgan Stanley slashed its price target for Coinbase Global stock from $258 to $120 on November 2, 2026
- ▪Coinbase Global stock closed at $143.54 on October 30, 2026, near its 52-week low of $136.89 after falling 58% over the past year
Revenue forecast reductions
- ▪Morgan Stanley reduced its 2027 revenue forecast for Coinbase Global by 28% and its 2028 revenue forecast by 18% on November 2, 2026
- ▪Coinbase Global reported third-quarter revenue of approximately $1.22 billion, matching analyst estimates
EBITDA estimate cuts
- ▪Morgan Stanley projected Coinbase Global's 2028 normalized adjusted EBITDA at $2.4 billion, which sits 14% below 2025 levels
- ▪Morgan Stanley reduced its 2027 revenue forecast for Coinbase Global by 28% and its 2028 revenue forecast by 18% on November 2, 2026
Valuation multiple compression
- ▪Morgan Stanley lowered the target EBITDA valuation multiple for Coinbase Global from 20 times to 12 times on November 2, 2026
- ▪Morgan Stanley noted that tougher phases of the cryptocurrency market cycle have historically compressed Coinbase Global's valuation multiple toward 10 times EBITDA
Binance hack impact
- ▪A major security breach at Binance increased uncertainty across the cryptocurrency sector and contributed to falling trading volumes prior to November 2, 2026
- ▪Declining cryptocurrency trading activity directly reduces transaction fee revenue for exchange operators like Coinbase Global
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