Analyst loses confidence in Coinbase, cuts price target by 53%

Coinbase is masking a failing business model with investment gains. Despite reporting $719 million in net income, their core adjusted profit was a pathetic $78 million. Retail trading is cratering, and the $6.3 billion Binance hack proves that even "unaffected" platforms are at the mercy of industry chaos. With Morgan Stanley slashing their price target by 53%, it’s clear the recovery is a myth. Is Coinbase actually a stable leader, or just a house of cards? What’s your take?
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