Coinbase (NASDAQ:COIN) received some coverage from Morgan Stanley yesterday, which set a price target of $250, representing an approximately 45% increase to today’s price. This is the first time that Morgan Stanley has covered the digital asset exchange. The investment bank gave Coinbase an equal-weight rating.
Morgan Stanley stated:
“The Everything Exchange expands COIN’s opportunity beyond crypto into equities, commodities, prediction markets, pre-IPO exposure, and tokenized assets, while its custody, financing, stablecoin partnerships, and Base position the company across the infrastructure layer. We see meaningful strategic value in this positioning and believe COIN is well placed to participate as crypto and traditional finance converge.”
During the same gathering, Citi held its buy rating.
Coinbase CFO Alesia Haas said their total addressable market had expanded meaningfully. Coinbase is no longer just a crypto exchange but an infrastructure partner, as well as providing traditional securities, derivatives, tokenized assets, and other banking services.
Haas also expressed optimism about the forthcoming CLARITY Act vote, while adding that even if it is not approved, the SEC is ready to move forward with rule updates that cater to the crypto sector.
While Morgan Stanley is a Coinbase bull, the broader analyst sphere is a mixed bag of buys, holds, and sells. Bernstein is currently the street high at $330 a share. Barclays is a pessimist with a Sell rating and a dim $95 share target.
There is merit in what Coinbase is attempting; providing an “everything exchange” makes a lot of sense, as many customers do not want to deal with a handful of financial platforms to manage their financial existence. It all comes down to execution.
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