Coinbase (COIN) has a new Street-high price target after the crypto trading platform's stock jumped 12% Tuesday.

Bernstein analysts hiked their target for Coinbase to $510 from $310 on Wednesday, well above any other target tracked by Visible Alpha. The stock was up about 2% in recent trading just above $351, after surging as much as 7% earlier in the session.

Bernstein called Coinbase "the most misunderstood company in our Crypto coverage universe," pointing to a bearish consensus among Wall Street analysts, despite the company's dominant position in consumer cryptocurrency trading and institutional crypto services. The mean target of brokers surveyed by Visible Alpha at $273 would suggest a decline from Wednesday's level.

"The bear thesis on Coinbase has not played out," Bernstein analysts said, adding "Coinbase’s market share has been persistent despite new competition."

"Traditional brokerage competition is several months away from launch, which is an eternity on crypto timelines. And we believe, the traditional Crypto brokerage launches are likely not even going to be full suite products," they said.

Coinbase shares have surged in recent weeks as Congress made progress on passing legislation related to the crypto industry, with a show of renewed confidence from investors like Cathie Wood, whose firm Ark Invest bought up more shares of Coinbase earlier this week. The stock has added over 40% of its value in 2025 so far.