Morgan Stanley Predicts $250 Upside in Coinbase Stock

Morgan Stanley initiated coverage on Coinbase Global Inc. () with an Equalweight rating and a price target of $250.00, according to a report released by the firm.

The current stock price of $174.72 represents a significant upside, though shares have declined 23% year-to-date amid broader crypto market volatility.

Morgan Stanley's base case reflects a larger, more diversified, and more durable platform for Coinbase, but one that remains meaningfully exposed to the crypto cycle.

The analyst stated that investors need to become comfortable underwriting 2028 earnings as representative of a normalized environment for the company's valuation to reach its target price.