Robinhood earns $160 target from Bernstein on tokenization and Rothera growth

Bernstein has maintained its Outperform rating on Robinhood Markets with a $160 price target, saying the company’s crypto business has expanded beyond trading into tokenization and market infrastructure. Summary Bernstein kept its Outperform rating on Robinhood and maintained a $160 price target. Robinhood Chain has processed more than $12 billion in DEX volume and over 150 million transactions since launch. Rothera has handled more than 3.5 billion contracts and generated $17 million in second quarter revenue. Bernstein said tokenized stocks, Robinhood Earn and exchange infrastructure are becoming key drivers of the company’s crypto business. Bernstein said in a note to clients that Robinhood’s latest crypto products, including Robinhood Chain, tokenized stocks, Bitstamp and Robinhood Earn, are creating new growth opportunities outside its traditional trading business while supporting its long-term investment case. Robinhood shares closed at $89.84 on Wednesday, the level Bernstein used in calculating about 78% upside to its unchanged $160 target. The stock later fell 3.6% to close at $86.60 on Thursday, implying roughly 85% upside based on the firm’s target price. Robinhood Chain...