Bernstein Holds the Line at $160 While Robinhood Stock Does the Limbo

Bernstein analysts kept an Outperform rating and a $160 price target on Robinhood Stock, a level that implies roughly 85% upside after the shares slipped 3.6% to $86.60 in Thursday's session. The stock had closed at $89.84 on Wednesday, the figure Bernstein used to frame its earlier estimate. The brokerage held its view even as it trimmed its 2026 crypto trading revenue forecast by 49% to account for softer activity across digital asset markets.

Robinhood reported second-quarter net revenue of $1.31 billion, a 32% increase from $989 million a year earlier and above analyst expectations of about $1.26 billion. Bernstein analysts said the company's crypto business is moving past trading fees into infrastructure, citing Robinhood Chain, tokenized stocks, Bitstamp, and Robinhood Earn as the new growth areas driving that shift.

The firm pointed to Robinhood Chain's on-chain footprint, noting the network has surpassed 150 million transactions and generated more than $12 billion in decentralized exchange volume since launch. Derivatives activity also featured in the growth story, with Rothera processing 3.5 billion contracts and event-contract revenue reaching $156 million in the quarter.

Robinhood's tokenization push and prediction-market offerings were singled out as structural drivers that extend the platform beyond brokerage basics. Bernstein's reiterated $160 target reflects that mix of trading, derivatives, and on-chain infrastructure rather than near-term crypto volume assumptions, according to the note.

Shares closed lower on Thursday despite the reaffirmed target and the quarterly beat, leaving the gap between market price and Bernstein's $160 objective at the widest level since the prior upgrade cycle.