Morgan Stanley initiated coverage on Coinbase on September 10 with a "Neutral" rating and a $250 price target, implying about 43% upside from the current price of around $175. The firm said Coinbase is becoming a key bridge between traditional finance and digital assets. Morgan Stanley highlighted Coinbase’s “universal exchange” strategy, including expansion into stocks, commodities, prediction markets, pre-IPO exposure and tokenized assets, alongside custody, financing, stablecoin partnerships and the Base network.