Bernstein cuts price targets for Coinbase, Robinhood as crypto stocks sit 60% below highs

Bernstein lowered price targets on Coinbase, Robinhood Markets and Figure Technology Solutions while keeping outperform ratings, citing a broad reset in crypto-linked equities. In a client note on March 30, the firm put the group roughly 60% below recent highs and pointed to a possible floor forming into first-quarter earnings.

The analysts argued that valuations across digital asset infrastructure names have fallen faster than business fundamentals due to weak near-term sentiment. The note characterized the sector as trading at “big discounts” following the drawdown.

For Coinbase, the rating remains outperform with a $330 target, reduced from $440. The team acknowledged softer first-quarter trading volumes but still expects earnings to hold up. Revenue is projected to grow at about a 26% compound annual rate through 2027, driven in large part by stablecoins, with Coinbase taking roughly half of USDC revenue shared by Circle. Subscription and services income, including stablecoin revenue, was highlighted as a buffer against crypto price swings, while derivatives and newer products continue to build. The report referenced an earlier view that the stock had become “too cheap to sell.”

On Robinhood Markets, the note kept an outperform rating and trimmed the price target to $130 from $160. Despite a softer first quarter for equity and crypto trading, the analysts still forecast earnings growth of about 25% in 2026. Prediction markets were identified as a key driver, with an estimate that the segment could account for roughly 10% of total revenue in 2026 through distribution with Kalshi and Robinhood’s own exchange infrastructure. The firm also pointed to diversification in non-trading revenue, including margin lending, subscriptions and banking, and described recent “crypto jitters” as temporary. For more details on the company’s offerings, see our Robinhood review.

Figure Technology Solutions also remains outperform with a target of $67, down from $72. The report framed Figure as focused on blockchain-based tokenization, with revenue streams less directly tied to crypto price moves. Loan originations are expected to reach $12.8 billion in 2026, supported by home equity lines, new credit products and expansion of its marketplace model. Monthly originations topped $1 billion in March. The platform spans tokenized credit, on-chain equities and decentralized capital markets, which the analysts view as positioning for growth in real-world asset tokenization.

Across the three companies, the note linked near-term earnings softness to macro pressure and fragile crypto sentiment rather than structural problems. The analysts wrote that valuations have compressed more quickly than fundamentals and flagged potential stabilization after first-quarter results.