Morgan Stanley turned bearish on Coinbase (COIN) and cut its price target from $258 to $120, about 53%, in a Monday report by analyst Michael Cyprys. The bank cited recent trading trends, a softer revenue outlook and uncertainty in the crypto market after Binance's $6.3 billion hack. It still sees Coinbase as one of the strongest competitors in crypto but expects profits to recover more slowly than previously forecast. Third-quarter net revenue fell about 34% year over year to $1.16 billion, and net income of $719 million was largely driven by gains on crypto investments, while adjusted net income was $78 million. Coinbase shares fell more than 13% in midday trading Friday and extended losses Monday, dropping more than 3.3% to $138; Circle and Strategy also declined.
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