Morgan Stanley Sees Significant Upside in Coinbase Stock

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

The current stock price is $174.72, which means that the target represents significant upside, although shares have declined 23% year-to-date amid broader crypto market volatility.

Analyst Michael Cyprys stated that Morgan Stanley is more constructive on the franchise than the shares at current valuation, citing Coinbase's scale, brand, liquidity, regulatory infrastructure, and product breadth as key strengths.

The firm believes that Coinbase is well-positioned to remain a central access and infrastructure provider as digital assets move further into the regulated financial system.