Bernstein raises Robinhood price target, sees prediction market revenue topping crypto

Investment bank Bernstein raised its price target for Robinhood (HOOD) to $160 from $130 and maintained its outperform rating. Bernstein said new markets worth more than $70 billion would emerge across prediction markets, perpetual futures and tokenized stocks, with Robinhood likely to be one of the biggest beneficiaries. It also projected Robinhood’s prediction-market revenue in the second quarter of this year would exceed its crypto trading revenue. Bernstein added that weak conditions in the crypto market were likely cyclical rather than structural and said its outlook did not factor in a potential rebound in Bitcoin prices.