Morgan Stanley halves Coinbase price target to $120 and downgrades stock

Morgan Stanley halved its price target for Coinbase shares and downgraded the stock. Cointelegraph reported the move, citing the headline and URL of its article, which give a $120 target. The decision follows a continued decline in the share price after the company's earnings report.

According to the announcement, analysts are concerned about two factors: slowing trading activity on the platform and the aftermath of the Binance hack. In their view, these make it harder to forecast Coinbase's revenue. The available text gives no details on the scale of the hack or its impact.

The full article was not available, so the material does not include Morgan Stanley's previous target, the logic behind the new valuation, or other details of the report.