Bernstein Sees 80% Upside for Robinhood Amid Shift to Tokenization

Retail brokerage Robinhood's stock rebounded more than 2% on Thursday after investment firm Bernstein maintained its $160 price target and Outperform rating.

The analysts at Bernstein believe that tokenization and prediction markets can offset weaker crypto trading revenue, which has been a drag on the company's results. In fact, total event-contract revenue reached $156 million during the second quarter, exceeding the $100 million generated by crypto trading.

Rothira exchange, launched in June, processed more than 3.5 billion contracts and generated $17 million in revenue for Robinhood.