Bernstein Confident in Robinhood Price Target Amid Blockchain Growth
Wall Street analysts at Bernstein are sticking by their forecast for Robinhood's stock price. In a recent client note, they reiterated an Outperform rating and maintained a $160 price target on the US-based trading platform.
The analysts highlighted the growth of Robinhood Chain, the company's proprietary layer-2 blockchain, which has seen significant adoption since its launch in July. According to Bernstein, the blockchain has recorded over $1.5 billion in total value locked and more than $50 billion in cumulative decentralized exchange trading volume.
The analysts project that Robinhood Chain will generate $160 million in annual fee revenue next year, with the company retaining around 90% of these fees. This growth is attributed to daily transaction fees on Robinhood Chain, which have been estimated at between $2 million and $4 million. Over the past 15 days, the network generated about $33 million in fees.