Bernstein raised its price target on Robinhood Markets (NASDAQ: HOOD) to $160 from $130, maintaining an 'Outperform' rating. Analyst Gautam Chhugani projects that revenue from Robinhood's prediction-markets business will surpass its crypto trading revenue.
New price target from Bernstein
Bernstein analysts bumped their price target on Robinhood to $160, up from $130. The firm kept its 'Outperform' rating, signaling confidence in the brokerage's direction. The new target is roughly 23% above the previous estimate.
Prediction markets eclipse crypto
Chhugani expects Robinhood's prediction-markets revenue to outpace its crypto trading revenue. That's a notable shift for a platform long tied to retail crypto trading. The analyst didn't give a specific timeline for when that crossover would happen, but the projection points to prediction markets as a growing revenue driver.
What the projection means
The forecast suggests Robinhood's bet on prediction markets is paying off. The company hasn't broken out prediction-markets revenue separately, but Chhugani's call indicates it's becoming a significant part of the business. The new price target reflects that optimism.
