Morgan Stanley Sees Significant Upside in Coinbase Stock
Morgan Stanley has initiated coverage on Coinbase Global Inc., assigning an Equalweight rating and a price target of $250.00, which represents significant upside from the current stock price of $174.72.
The firm's analyst, Michael Cyprys, stated that Coinbase is more constructive on the franchise than its shares at current valuation due to the company's scale, brand, liquidity, regulatory infrastructure, and product breadth.
Cyprys believes that the Everything Exchange will expand Coinbase's opportunity beyond crypto into equities, commodities, prediction markets, pre-IPO exposure, and tokenized assets, positioning the company across the infrastructure layer.
Morgan Stanley's base case reflects a larger, more diversified, and more durable platform, but one that remains meaningfully exposed to the crypto cycle.