Bernstein analysts have reiterated an 'outperform' rating for Coinbase (COIN), setting a price target of $510, suggesting a potential upside of nearly 90% from its current price of $269.42. The firm attributes this optimism to Coinbase's strategic shift from spot trading to a comprehensive 'all-in-one exchange' model, which includes services like stablecoins, staking, custody, token issuance, and derivatives. Additionally, Bernstein points to the clarification of the U.S. regulatory landscape and upcoming product launches, including a significant release on December 17, as factors likely to boost Coinbase's ancillary business value and competitiveness against international rivals.