Morgan Stanley Initiates Coinbase With $250 Target

Morgan Stanley initiated coverage of Coinbase Global, Inc. on 10 September 2026 with an Equal-weight rating and a price target of $250.00. The target reflects an implied upside of 43.1% from the company's prior closing share price of $174.72 on 9 September 2026. The investment bank noted that the company's positioning as an "Everything Exchange" offers meaningful strategic value beyond pure cryptocurrency trading.

For full-year 2026, Morgan Stanley projects Coinbase will generate revenue of $5.9 billion, representing a decline of 18.0%. Full-year Adjusted EBITDA is projected at $1.8 billion, a drop of 28.0%, yielding an Adjusted EBITDA margin of 31.0%.

The bank anticipates a rebound in full-year 2027, projecting revenue to expand by 50.0% to $8.9 billion. Full-year Adjusted EBITDA for 2027 is projected to reach $3.7 billion, which corresponds to an Adjusted EBITDA margin of 42.0%. For full-year 2028, Morgan Stanley projects revenue of $8.1 billion and Adjusted EBITDA of $3.0 billion.