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Bernstein initiates coverage of Robinhood with bullish call on crypto cycle and $30 price target

Bernstein has given Robinhood an outperform rating and a $30 price target, citing the expected growth of the total crypto market cap to $7.5 trillion by 2025. The broker predicts that bitcoin spot ETF assets under management could reach $300 billion by 2025. Bernstein believes that Robinhood's crypto revenue could grow ninefold due to the "monster" crypto cycle. Robinhood reported a 10% increase in crypto trading volume on its platform in February compared to January. The broker sees Robinhood as a two-year cyclical trade that will benefit from the crypto-led earnings inflection over 2024-25.

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