Bernstein raises Robinhood target to $160 on prediction market growth
Bernstein raised its Robinhood price target to $160, citing prediction markets, Rothera, and Robinhood Chain as key growth drivers. Analyst Gautam Chhugani expects prediction markets revenue to overtake crypto revenue and reach $1.7 billion by 2028. The forecast projects 64% annual growth. Robinhood continues offering Kalshi event contracts while steering users toward its own Rothera platform, signaling competitive tension with its former distribution partner.
Bernstein's $1.7 billion prediction markets forecast by 2028 reframes how investors value Robinhood. The target prices in event contracts surpassing crypto revenue, giving management capital-market pressure to pull liquidity in-house faster. Robinhood already routes a growing share through its Rothera exchange while maintaining Kalshi as a partner.
Every analyst endorsement of vertical integration raises the cost of dependence on outside exchanges. Kalshi and other partner platforms must secure alternate distribution before Robinhood's account base generates that volume for its own infrastructure. The platforms that wait risk becoming back-end plumbing for a competitor's story.