Coinbase Stock Target Cut 53% to $120 by Morgan Stanley
The downgrade reflects a deeper concern than crypto prices alone: subdued trading is squeezing transaction revenue and weakening the earnings recovery Morgan Stanley had expected.
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The downgrade reflects a deeper concern than crypto prices alone: subdued trading is squeezing transaction revenue and weakening the earnings recovery Morgan Stanley had expected.
Two of the biggest banks on the sell side just cut their numbers on Circle and Coinbase, while Bernstein and William Blair argue the moat holds. The split matters more than the downgrades.