Bernstein keeps Robinhood price target at $160

Bernstein maintained an outperform rating on Robinhood and kept its price target at $160, The Block reported. The investment bank said Robinhood Chain is quickly emerging as a revenue source for Robinhood. According to Bernstein, the chain generated about $33 million in fees over the past 15 days, the highest among all blockchains, with about 90% of that going to Robinhood as revenue. About 10% is paid to Arbitrum, which provided the underlying technology, while less than 1% goes to Ethereum data fees. The value of stock tokens issued on Robinhood Chain rose to $140 million from $10 million over the past two months, while stablecoin supply increased to about $1 billion from $241 million in early July.