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Bernstein raised its price target on Robinhood to $160, up from $130, anchored to a 2028 EPS estimate of $4.56 and a 35x forward P/E. The call is not driven by crypto trading volume. Analyst Gautam Chhugani's team projects that prediction markets, perpetual futures, and Robinhood Chain will generate 18% of total revenue by 2027, rising to 23% in 2028, with prediction markets alone contributing $1.7 billion.
Underlying activity on the chain itself is the supporting evidence. Robinhood Wrapped ETH has gained roughly 2% over the past week while daily trading volume sits near $44 million, a steady-state profile rather than a short-lived spike. Second-quarter earnings land on July 29, and Bernstein expects the newer product lines to soften any drag from softer crypto trading.
Why it matters
The framing matters more than the price target. Bernstein is rewarding the rails, not the rush-hour traffic. Investors are increasingly paying for companies that build infrastructure around digital assets rather than those that simply benefit from speculative token cycles.
Robinhood Chain also feeds back into the broader crypto market. Every new Layer 2 gives users cheaper transactions and faster settlement while easing Ethereum's scaling load, and as developers deploy and liquidity diffuses across new networks, retail access to on-chain activity keeps improving. More competition at the execution layer rarely slows innovation in crypto; it usually accelerates it.
Market impact
For traders, the takeaway is that chain-level adoption is capturing value ahead of native token moves. Robinhood Chain's steady volume profile is the kind of signal that compounds: if usage keeps climbing, it strengthens the Ethereum ecosystem and pulls more capital toward decentralized finance at the infrastructure layer, where the longest races tend to be won.
Frequently asked questions
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Why did Bernstein raise its Robinhood price target to $160?
The upgrade, led by analyst Gautam Chhugani, is anchored to a 2028 EPS estimate of $4.56 at a 35x forward P/E, with prediction markets, perpetual futures, and Robinhood Chain expected to drive 23% of total revenue by 2028.
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How much revenue does Bernstein expect from prediction markets on Robinhood?
Bernstein projects prediction markets alone could contribute $1.7 billion to Robinhood's revenue by 2028, as part of the broader newer-product mix reaching 23% of total revenue.
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What does Robinhood Chain daily trading volume look like right now?
Robinhood Wrapped ETH is up roughly 2% over the past week, while daily trading volume on Robinhood Chain sits near $44 million, a steady-state profile rather than a short-lived spike.
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How does Robinhood Chain affect Ethereum more broadly?
Each new Layer 2 gives users cheaper transactions and faster settlement while easing Ethereum's scaling load, and as developers deploy and liquidity diffuses across new networks, retail access to on-chain activity improves.
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When does Robinhood report next earnings?
Robinhood's second-quarter earnings arrive on July 29. Bernstein expects the newer product lines, including Robinhood Chain, to soften any drag from softer crypto trading revenue.
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