Analysts at research and brokerage firm Bernstein maintained an Outperform rating on Robinhood Markets with a $160 price target, arguing the company's crypto business is evolving from trading toward tokenization infrastructure.
Robinhood shares closed at $89.84 Wednesday, the basis for Bernstein's 78% upside calculation.
The stock later declined 3.6% to close at $86.60 on Thursday, according to The Block's stock price page, implying about 85% upside to the brokerage's unchanged $160 price target.
In a note to clients, Bernstein analysts led by Gautam Chhugani said Robinhood Chain, tokenized stocks, Bitstamp, and Robinhood Earn represent Robinhood's next crypto growth drivers beyond trading.
Robinhood Chain has generated more than $12 billion in decentralized exchange volume and surpassed 150 million transactions since launch.
