Bernstein Reaffirms $160 Price Target for Robinhood as Crypto Business Expands

Bernstein has reaffirmed its $160 price target for Robinhood Markets, maintaining an Outperform rating on the company.

The analysts point to several key drivers of growth in Robinhood's crypto business, including tokenized stocks, Robinhood Earn, and exchange infrastructure. They highlight the success of Robinhood Chain, which has processed over $12 billion in decentralized exchange volume since its launch.

Rothera, Robinhood's exchange, has also seen significant activity, with over 3.5 billion contracts processed and $17 million in second-quarter revenue generated. The analysts see this as evidence that ownership of exchange infrastructure can become a competitive advantage for companies.