Foreign media reported that Bernstein raised Robinhood’s price target from $130 to $160 and maintained its “Outperform” rating, with its assessment now focusing not only on traditional brokerage services but also on projected revenue from market prediction, perpetual contracts, tokenized stocks, and on-chain products.
The raised target price reflects new business initiatives.
Bernstein believes that Robinhood has strong user distribution capabilities. The article notes that the platform has approximately 27 million funded accounts and 14 million monthly active users, enabling new products to reach existing customers more quickly and at relatively lower customer acquisition costs.
According to their estimates, the share of prediction markets, perpetual contracts, tokenized stocks, and blockchain products in Robinhood’s total revenue could rise from 3% in 2025 to 18% in 2027, and further to 23% by 2028.
Predicted market revenue growth is faster.
Among several new businesses, Bernstein is most bullish on prediction markets. The firm expects this segment to grow at an annual rate of 64% between 2026 and 2028, reaching nearly $1.7 billion by the end of the period.
The article states that by the second quarter of 2026, prediction market revenue could surpass Robinhood’s cryptocurrency business. Prediction market revenue is projected to reach approximately $150 million that quarter, while cryptocurrency business revenue may face pressure due to slowing trading activity.
Robinhood’s launch of the Rothera exchange in May is also seen as significant evidence of this assessment. Bernstein noted that since its launch, the platform has processed over 3.5 billion prediction contracts, with approximately 93% of trading activity coming from markets related to the FIFA World Cup.
On-chain business continues to be highly regarded.
In contrast to prediction markets, Bernstein lowered its forecast for Robinhood’s crypto revenue in 2026 by 49%, citing a slowdown in crypto trading activity this year, which has weighed on near-term revenue expectations.
However, the article states that the total value locked on Robinhood Chain, built on Arbitrum, has exceeded $400 million. Bernstein expects the network’s annual decentralized exchange trading volume to approach $20 billion, with annual on-chain fee revenue of approximately $50 million.
In terms of earnings projections, Bernstein currently expects Robinhood’s earnings per share to reach $4.56 by 2028, approximately 39% higher than the Wall Street consensus forecast. This is one of the primary reasons for its upward revision of the target price to $160.