Bernstein cuts Coinbase target, raises Circle outlook as crypto revenue mix shifts

Bernstein still likes Coinbase. It just likes it a little less than it did before Monday. In a fresh report ahead of third-quarter earnings, the brokerage kept its Outperform rating on Coinbase (COIN), Robinhood (HOOD) and Circle (CRCL). Under the surface, though, the numbers moved in different directions. Bernstein cut its earnings forecast and price target for Coinbase while raising its revenue estimates for Robinhood and its earnings estimates for Circle. The shift says less about any one company and more about where crypto money is now being made. According to Bernstein, plain crypto trading is no longer the main event. Prediction markets, derivatives and tokenization are moving up the bill. Same rating, different math For Coinbase, the fine print got thinner. Bernstein lowered both its earnings forecast and its price target for the exchange. Robinhood went the other way. Bernstein raised its revenue estimates for the trading app, and the reasoning is telling. Slower spot trading volumes, the report suggests, are being offset by growth in derivatives and prediction markets. Robinhood has leaned into that last category through an integration with Kalshi, a regulated prediction m...