Bernstein Maintains Outperform Rating on Robinhood with $160 Target Price

ChainCatcher report: Bernstein, a research and brokerage firm, maintains its Outperform rating and $160 price target for Robinhood Markets, stating that its newly launched Layer 2 network, Robinhood Chain, has become a profit driver. Since its launch on July 1, the network has generated approximately $39 million in fees and is projected to reach annualized fees of $160 million by 2028. Over the past 15 days, Robinhood Chain ranked first among all chains with approximately $33 million in fees, surpassing Solana (~$11 million) and BNB Chain (~$9 million). According to Bernstein’s report, Robinhood retains about 90% of the fees, approximately 10% goes to Arbitrum for providing the underlying technology, and less than 1% is paid to Ethereum as data fees. The value of tokenized stocks on Robinhood Chain has risen from approximately $10 million to $140 million over the past two months, accounting for about 32% of the total value of tokenized equity transfers during the week ending August 30—second only to BNB Chain. The total supply of stablecoins on the chain has surged to approximately $1 billion, up significantly from about $241 million at the beginning of July, with USDG comprising roughly 66% and USDe about 33%. Robinhood’s stock fell 2.09% last Friday, closing at $122.11, implying approximately 31% upside potential from the target price. U.S. markets were closed on Monday for a public holiday.