Morgan Stanley Sets Coinbase Price Target at $250 Amid Volatile Crypto Cycle
Morgan Stanley has initiated coverage of Coinbase with an Equal Weight rating and a price target of $250, implying about 40% upside from current levels. Analyst Michael Cyprys noted that the crypto platform has evolved beyond its exchange roots to become a full-stack platform, spanning retail and institutional trading, custody, stablecoins, derivatives, staking, payments, and onchain infrastructure.
Cyprys highlighted that Coinbase's addressable market is expanding due to regulatory clarity, its push into assets such as equities and prediction markets, and its stablecoin and Base infrastructure. However, he also warned that this diversification does not eliminate the cycle of volatility in the crypto market.
The analyst forecasts a cyclical reset in 2026, a sharp rebound in 2027, and normalization in 2028, with adjusted EBITDA expected to reach around $3.0 billion. His price target is based on 21 times this estimate, which is in line with Coinbase's historical average and the digital-asset peer median.