Coinbase Global Inc. rallied after Bernstein analyst Gautam Chhugani reiterated an Outperform recommendation and lifted his price target to $510 from $310, the highest forecast on Wall Street. Chhugani said investors underestimate the crypto exchange’s expanding revenue streams from stablecoins, staking and rapidly growing derivatives trading, calling Coinbase the “most misunderstood” company in the sector. The stock rose 3.6% on Wednesday to about $362.80, then climbed as high as $380 on Thursday, eclipsing its November 2021 record and marking its strongest level since the company’s market debut. The advance extends Coinbase’s year-to-date gain to roughly 42% and values the San Francisco-based firm at almost $90 billion. Momentum was reinforced by additional bullish calls, including an Oppenheimer price-target increase to $395, and by the exchange’s addition to the S&P 500 index, which broadens its investor base. Traders also pointed to optimism over pending U.S. stablecoin legislation and the launch of perpetual futures on the platform as further tailwinds for the shares.