Coinbase (COIN) stock rallied to 52-week highs on Wednesday as Bernstein analysts dubbed the cryptocurrency platform a “one-stop Amazon” of crypto services.

Shares gained more than 3%, just a stone’s throw way from their record close of $357.39 on Nov. 9, 2021.

“Coinbase is the most misunderstood company in our Crypto coverage universe,” Bernstein analyst Gautam Chhugani and his team wrote on Wednesday morning, raising their price target on the stock to $510 from $310 with an Outperform rating.

As the only cryptocurrency company in the S&P 500 (^GSPC), Coinbase dominates US crypto trading, operates the largest stablecoin business among exchanges, and serves as custodian for the underlying assets of the majority of US spot…