Morgan Stanley downgrades Coinbase to underweight, cuts price target to $120

Analyst Michael Cyprys more than halved his target on Coinbase, citing weak trading trends and fading hopes for an earnings rebound Morgan Stanley has turned bearish on Coinbase . On November 2, 2026, analyst Michael Cyprys downgraded Coinbase Global (COIN) from Equal Weight to Underweight . The reasoning is simple. Morgan Stanley has lost confidence that Coinbase’s earnings will bounce back anytime soon, pointing to weak trading trends and a soft revenue outlook. The new $120 target sits below where the stock closed on October 30, at $143.54.