Morgan Stanley Puts $250 Price Target on Coinbase Amid Expanded Reach

Morgan Stanley has set a price target of $250 for Coinbase (NASDAQ:COIN), representing an approximately 45% increase to today's price. This is the first time that Morgan Stanley has covered the digital asset exchange, and they gave Coinbase an equal-weight rating.

The investment bank sees meaningful strategic value in Coinbase's positioning across the infrastructure layer, which includes custody, financing, stablecoin partnerships, and Base. They also note that Coinbase's 'Everything Exchange' expands its opportunity beyond crypto into equities, commodities, prediction markets, pre-IPO exposure, and tokenized assets.

Coinbase CFO Alesia Haas expressed optimism about the forthcoming CLARITY Act vote, stating that even if it is not approved, the SEC is ready to move forward with rule updates that cater to the crypto sector. The company's total addressable market has expanded meaningfully, according to Haas, and Coinbase is no longer just a crypto exchange but an infrastructure partner.