Bernstein Cuts Targets for Coinbase, Robinhood, Figure
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- Bernstein lowered price targets on Coinbase to $330 (from $440), Robinhood to $130 (from $160), and Figure to $67 (from $72), while maintaining Outperform ratings.
- Bernstein cut its 2026 earnings per share estimate for Coinbase by 44% to $5.97, noting spot volumes are roughly 30% below Q4 2025 levels.
- Bernstein projects a 26% revenue compound annual growth rate for Coinbase through 2027, driven by stablecoin revenue from USDC.
- Bernstein projects Robinhood's prediction markets revenue to jump 286% YoY in 2026 to $586 million, supported by its Kalshi distribution deal and joint venture Rothera with Susquehanna.
- Bernstein highlights Figure's $1 billion monthly loan origination volume in March and its expansion beyond home equity into auto loans, small‑business lending, and tokenized equities.
- Bernstein expects a bottom in crypto stocks in weak Q1 earnings, seeing exposure to trillion‑dollar markets such as prediction markets, stablecoins, tokenized assets, and crypto derivatives.
Why it matters: Investors in the three stocks face lower valuation expectations, with Coinbase's EPS cut and volume decline highlighting near‑term pressure, while the Outperform rating suggests upside potential for those betting on crypto recovery and emerging revenue streams like prediction markets and stablecoins.
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