Bernstein analysts have raised their price target for Robinhood (HOOD) to $51, up from $30, while maintaining their “outperform” rating, citing the company’s potential to benefit from a more crypto-friendly regulatory environment under a possible Donald Trump presidency.
In early trading, Robinhood shares rose over 2%, reaching approximately $36.
The analysts highlighted that Robinhood’s cryptocurrency business has been operating under regulatory restrictions, with the platform currently listing only 19 cryptocurrencies and not generating revenue from services like staking, lending, or stablecoin trading.
However, Bernstein believes that a new, pro-crypto SEC could provide a favorable regulatory climate, allowing Robinhood to significantly expand its crypto offerings. “We expect Robinhood to emerge as the primary beneficiary of these regulatory changes,” they wrote.
Robinhood is well-positioned to boost revenues by introducing additional tokens and expanding its range of crypto services. The recent acquisition of Bitstamp, along with its European platform, further strengthens the company’s ability to offer enhanced crypto services like staking and lending.
In response to Trump’s election win, Robinhood recently added Solana (SOL), Pepe (PEPE), Cardano (ADA), and XRP (XRP) to its crypto offerings, bringing its total to 19 tokens available to U.S. customers.
