Bernstein starts Coinbase at Outperform, sees strong regulatory tailwinds

Bernstein analyst Gautam Chhugani initiated coverage of Coinbase (COIN) with an Outperform rating and $310 price target The firm expects strong regulatory tailwinds to drive the crypto industry to the American financial mainstream, as the Trump administration intends to establish a Digital assets framework to position the U.S. as the “crypto capital of the world.” Total addressable market expansion from U.S. reshoring efforts offsets competition pressures, the analyst tells investors in a research note, adding that the firm sees strong momentum in the non-trading subscription and services business.