Coinbase Global is trading 4.1% lower at $137.71 after Morgan Stanley’s November 2 downgrade to Underweight from Equal Weight and target cut to $120 from $258, citing weaker crypto trading, a softer revenue outlook and doubts about an earnings recovery.
- Bitcoin and Ethereum are down 1.21% and 0.63%, respectively, since the prior close—smaller declines than Coinbase’s.
- The downgrade follows the October 29 earnings report; uncertainty persists after the Binance hack, while the broad market is mixed, not sharply lower.