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
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