Bernstein starts Coinbase with 'outperform' on positive regulatory outlook

Bernstein initiates coverage on cryptocurrency exchange Coinbase Global COIN.O with "outperform" rating

Brokerage also sets PT at $310, a 64.1% upside to stock's last close

Says COIN remains the dominant platform (66% U.S. market share) to ride the regulatory tailwinds to drive crypto industry to American financial mainstream

Adds that a strong bull market and rising U.S onshore dominance can more than offset any competitive market share and pricing pressures

"COIN has done well to build a suite of crypto financial services beyond trading, particularly market leading share in USD stablecoins, crypto yield services such as staking," says brokerage

Twelve of 27 brokerages rate stock "buy" or higher, 15 "hold"; median PT is $334.5, according to data compiled by LSEG

Stock down ~24% YTD, as of last close; it rose nearly 43% in 2024