WS #16695
Morgan Stanley has downgraded Coinbase (COIN) to Underweight with a price target cut to $120 from $258, citing a deteriorating revenue outlook and the fallout from the recent $4.7 billion Binance hack attributed to North Korea. The downgrade reflects broader concerns about the security and regulatory risks facing crypto exchanges. This development pressures crypto-adjacent equities and dampens sentiment in the digital asset sector, despite Bitcoin trading sideways in the $75k-$82k range.
Crypto & Exchange Risk
Morgan Stanley has downgraded Coinbase (COIN) to Underweight with a price target cut to $120 from $258, citing a deteriorating revenue outlook and the fallout from the recent $4.7 billion Binance hack attributed to North Korea. The downgrade reflects broader concerns about the security and regulatory risks facing crypto exchanges. This development pressures crypto-adjacent equities and dampens sentiment in the digital asset sector, despite Bitcoin trading sideways in the $75k-$82k range.