WS #16821
Morgan Stanley has downgraded Coinbase to Underweight, slashing its price target from $258 to $120. The bank cites concerns over earnings and a weaker-than-expected recovery for the crypto exchange. This downgrade reflects broader Wall Street caution regarding the profitability of crypto-related businesses in the current market environment, contrasting with the broader risk-off sentiment.
Crypto Market Caution
Morgan Stanley has downgraded Coinbase to Underweight, slashing its price target from $258 to $120. The bank cites concerns over earnings and a weaker-than-expected recovery for the crypto exchange. This downgrade reflects broader Wall Street caution regarding the profitability of crypto-related businesses in the current market environment, contrasting with the broader risk-off sentiment.