COIN Stock Slips Alongside Crypto Equities After Citi Cuts Price Target – Morgan Stanley Backs RIOT, HUT

Crypto-linked equities traded lower in pre-market trading, with BitMine, Strategy, Circle, Coinbase, Robinhood and Block in the red.

• Hut 8 outperformed the group after Morgan Stanley initiated coverage with an 'Overweight' rating and a $263 price target.
• The firm also gave an ‘Overweight’ rating to Riot Platforms, but the stock remained in the red during pre-market trade.
• Citi lowered its Coinbase price target to $235 from $400 but maintained a 'Buy' rating, citing "durable earnings support" from subscription and services revenue.

Crypto-linked equities moved lower in early morning trade on Thursday, tracking the broader sell-off in the stock market and weakness in Bitcoin (BTC).

Bitcoin's price dipped around 1% in the last 24 hours, attempting to keep above the $65,000 mark. On Stockwits, retail sentiment around the apex cryptocurrency remained in 'bullish' territory over the past day. Among large-cap crypto equities, BitMine Immersion Technologies (BMNR) led losses, falling more than 2.4% in pre-market trade. Michael Saylor-backed Strategy (MSTR) slipped over 2%, followed by Circle Internet Group (CRCL), Robinhood (HOOD), Block (XYZ), Coinbase (COIN), and Riot Platforms (RIOT). 

Hut 8 (HUT) bucked the broader trend, rising more than 2% after receiving fresh bullish coverage from Morgan Stanley.