Bernstein maintains Robinhood's "Outperform" rating, sets price target at $160.
1 hours ago
Bernstein analysts have retained their "Outperform" rating on Robinhood Markets, along with a $160 price target, noting that the firm’s newly launched Layer 2 network has quickly become a profit driver. In a Tuesday report sent to clients, the team led by Gautam Chhugani pointed out that Robinhood Chain has grown rapidly since its July 1 launch. The network currently holds a Total Value Locked (TVL) of roughly $1.5 billion, with Decentralized Exchange (DEX) trading volume exceeding $50 billion. The analysts wrote: “This chain is now capable of generating profits.” They added that Robinhood Chain’s daily transaction fees currently range from $2 million to $4 million. Over the past 15 days, the chain ranked first among all blockchains in fee revenue, totaling roughly $33 million—surpassing Solana’s ~$11 million and BNB Chain’s ~$9 million.
Three months after stepping down as CEO of DingTalk, reports say Chen Hang, who goes by the nickname Wu Zhao, has joined Qianwen Office.
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