Morgan Stanley initiates coverage on cryptocurrency exchange Coinbase Global COIN.O with "equal-weight" rating
MS says COIN has become broader, but retail crypto trading still drives volatility
Says COIN's push to become an "everything exchange" could help it expand beyond crypto trading and create more ways to retain users, assets and activity. However, it adds that the value comes from multi-product relationships
Brokerage also sets a PT of $250, implying 43% upside to the stock's last close
COIN's public-market history reflects the volatility of its underlying business, as revenue has rebounded close to listing-year levels while profitability remains below its 2021 peak, brokerage says
26 of 39 analysts rate stock "strong buy" or "buy", 10 "hold" and three "sell" or "strong sell"; their median PT is $203 - data compiled by LSEG
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