COIN Stock Gains 5% as Morgan Stanley Raises Coinbase Target to $258

Key Insights: Morgan Stanley raised its Coinbase price target from $250 to $258 ahead of earnings while retaining an Equal Weight rating. Citizens JMP cut its Coinbase price target to $280 from $325 but maintained its Market Outperform rating. Coinbase reported $1.22 billion in Q2 revenue, down 18.5% year over year, alongside a $359.5 million net loss. Coinbase stock closed sharply higher on Oct. 9 as Bitcoin stabilized and Wall Street analysts updated their forecasts for the crypto exchange. COIN ended the session at $179.39, up 4.30%, after reaching an intraday high of $183.61.