Bernstein SocGen Group analyst Gautam Chhugani reiterated an Outperform rating and $160.00 price target on Robinhood Markets (NASDAQ: HOOD).

The analyst commented: "The exchange is now a 24*7 chain...and the chain is now earnings; Robinhood chain went live on July 1, and in just two months has become a Top 5 chain across all the key metrics - transaction fees (#1 in fees last 15 days - HOOD retains ~50% of fees), trading volumes - both spot and perp futures, and tokenized equities volumes. Robinhood chain is a 24*7 blockchain network venue for retail investors to trade stock tokens, crypto tokens, lend/borrow assets, earn yield on stablecoins and other real-world assets. HOOD chain trading fees are tracking $2-4mn/day (last 15 days ~$33Mn). HOOD retains ~50% revenues, sharing with Arbitrum (tech provider) and Ethereum mainnet (as Layer 1 data fees). Our current estimates include $160Mn fees from Robinhood chain by 2028E (see our last note - Robinhood: The battle for next generation markets...moving PT to $160). Blockchain revenues by definition are high margin, straight flowing to HOOD EPS."

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Shares of Robinhood Markets closed at $122.11 yesterday.