Coinbase gets Outperform rating as Wedbush picks up coverage

Wedbush analyst Moshe Katri starts coverage of Coinbase Global (COIN) with an Outperform rating as the "one-stop shop" crypto platform has a "first mover" advantage.Also in its favor: COIN has a dominant share in the top two crypto assets — bitcoin and ethereum; its combination of blockchain and traditional finance that enables crypto to become part of the payments ecosystem; and its move to diversify trading revenue by expanding the ecosystem and creating a new set of ancillary services.Furthermore, Katri sees the recent rising mix of institutional trading volumes (vs. retail) reducing volatility in overall trading revenue.Sets price target at $275.With the slump in the crypto markets, COIN stock fell 5.9% in Wednesday trading. Shares are little changed in after-hours action.In chart below, see how COIN stock compares with bitcoin's price since the stock started trading on April 1The Outperform rating aligns with the Bullish average Wall Street rating (6 Very