Bernstein lifts Robinhood price target to $160 on prediction market growth, projecting $150M in Q2 revenue and potential to surpass crypto earnings this quarter.
Bernstein raised its price target on Robinhood Markets to $160 from $130, keeping an Outperform rating. The upgrade leans on prediction markets and tokenized assets, not the crypto trading that built the brokerage's retail following.
Robinhood closed above $106, up more than 7% on the session. Its 52-week high sits near $153.
The firm sees prediction markets overtaking crypto revenue as soon as this quarter. Bernstein projects roughly $150 million in prediction market revenue for Q2, driven by activity on platforms like Rothera. By 2028, that number could hit $1.7 billion, a 64% compound annual growth rate, supported by major sporting events and regulatory-compliant structures.
Crypto faces a different near-term picture. Bernstein cut its 2026 crypto revenue forecast by 49%, calling the weakness a cycle rather than a structural shift.
Tokenization of equities and real-world assets adds another layer. Robinhood's blockchain work, including its own chain, expands its reach into decentralized finance and on-chain assets. The broader tokenized product market could grow from roughly $35 billion today to between $2 trillion and $4 trillion by 2030, according to the note.
Bernstein's target implies a 35-times multiple on a 2028 earnings-per-share estimate of $4.56, above street consensus. The valuation assumes revenue diversification and earnings momentum through the decade.
Robinhood reports second-quarter results later this month. The focus will be on how these new segments perform.
Check the HOOD stock page for the latest price and analyst targets.
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