Crypto exchange Coinbase (COIN) remains one of the most misunderstood companies in the digital assets space, Wall Street broker Bernstein said in a research report Wednesday.

Bernstein raised its Coinbase price target to $510 from $310, and reiterated its outperform rating on the stock. The shares Wednesday morning were more than 4% higher at around $360 in early trading.

While broader sentiment leans bearish, Coinbase is cementing its role as crypto’s “universal bank,” and is bridging retail, institutional, and on-chain infrastructure at a scale unmatched by peers, the report said.

“Coinbase will be a beneficiary of the GENIUS Act and soon to follow CLARITY Act,” analysts led by Gautam Chhugani wrote.

Bernstein said the exchange is the…