COIN Stock Gains 5% as Morgan Stanley Raises Coinbase Target to $258

Coinbase stock closed sharply higher on Oct. 9 as Bitcoin stabilized and Wall Street analysts updated their forecasts for the crypto exchange. COIN ended the session at $179.39, up 4.30%, after reaching an intraday high of $183.61.

Morgan Stanley raised its price target to $258, while Citizens JMP reduced its forecast to $280. The mixed revisions arrive before Coinbase’s third-quarter earnings report, expected on Oct. 29.

Coinbase Stock Rallies More Than 4%

Coinbase shares traded around $175 during early trading before falling toward $172 around the regular market open. Buyers then pushed the price above $178 during a rapid rebound. COIN stock crossed $180 later in the morning and continued moving higher around midday.

The advance carried shares toward $182.50 during the early afternoon. Prices then retreated toward $180 before returning to $180.87 by 2:45 p.m. EDT. COIN stock maintained much of its morning advance even after midday fluctuations. Trading volume rose sharply during the morning price swing before easing later in the session.

Morgan Stanley Lifts Coinbase Price Target

Morgan Stanley increased its Coinbase stock price target by $8, or 3.2%, in an October 9 earnings preview. The investment bank retained its Equal Weight rating, which it first assigned when initiating coverage in September. The updated forecast followed its earlier $250 target.

At the quoted market price of $180.87, the new $258 target stood approximately 42.6% higher. Morgan Stanley revised its target while reviewing brokers, exchanges and other capital markets businesses ahead of their quarterly results.

Citizens JMP also updated its Coinbase forecast on October 9, but moved in the opposite direction. The firm cut its target from $325 to $280, a reduction of $45. Citizens nevertheless maintained its Market Outperform rating, leaving its new target $22 above Morgan Stanley’s forecast.

Other analysts published lower price estimates. Goldman Sachs reiterated a Buy rating and a $244 target during the week. Cantor Fitzgerald maintained an Overweight rating with a $212 target in late August. MarketBeat listed 20 Buy ratings, 13 Hold ratings and three Sell ratings. Its reported consensus target stood at $224.29, though estimates varied across firms.

Coinbase Earnings and Business Expansion

Coinbase reported $1.22 billion in second-quarter revenue, an 18.5% decline from the previous year. The company recorded a $359.5 million net loss and $599 million in transaction revenue. Consumer trading contributed $452 million as trading conditions weighed on the quarter’s results.

Subscription and services revenue reached $555 million, including $292 million from stablecoins. Coinbase reported average USDC balances of $20 billion across its products. The exchange also increased its share of crypto trading volume to 10.3%, up from 9.1% in the first quarter

Coinbase continued expanding its product range beyond cryptocurrency transactions. The company introduced stock and ETF trading for eligible US users and pursued additional derivatives products. September filings outlined plans for single-stock futures products under US regulatory supervision. Coinbase has not announced a launch date for those contracts.

This article is for informational purposes only and does not constitute financial or investment advice. Analyst targets, earnings estimates and stock prices may change as market conditions evolve.