Robinhood initiated with an Outperform at Bernstein

Bernstein analyst Mahika Sapra initiated coverage of Robinhood with an Outperform rating and $30 price target, which represents 83% upside. The “buy-side and sell-side alike refuse to see what we see,” namely a “monster of a crypto cycle over 2024-25,” the analyst tells investors. The firm expects the crypto market cap to reach $7.5T versus $2.6T, where it stands today, the analyst added.