Bernstein: Maintains Robinhood "Outperform" Rating, Price Target $160

BlockBeats News, September 9 - Bernstein analysts maintained an "Outperform" rating on Robinhood Markets with a $160 price target, stating that its newly launched Layer 2 network has quickly become a source of profitability for the company.

In a report sent to clients on Tuesday, Bernstein analysts led by Gautam Chhugani noted that Robinhood Chain has grown rapidly since its launch on July 1. Currently, the network's TVL (Total Value Locked) has reached approximately $1.5 billion, with DEX (Decentralized Exchange) trading volume exceeding $50 billion.

The analysts wrote: "The chain is now generating profits." They stated that Robinhood Chain's transaction fees currently amount to approximately $2 million to $4 million per day. Over the past 15 days, Robinhood Chain's fee revenue ranked first among all blockchains, reaching approximately $33 million, surpassing Solana's approximately $11 million and BNB Chain's approximately $9 million.