Coinbase, Robinhood and Figure Stocks Are 60% Off Their Peaks—Bernstein Says Buy the Dip

Bernstein analysts chopped terms targets Monday connected Coinbase, Robinhood, and blockchain lending steadfast Figure Technology Solutions, citing geopolitical headwinds and anemic crypto sentiment.

But the analysts maintained "Outperform" ratings connected each 3 companies, contempt the reductions.

"In our view, these businesses connection vulnerability to trillion dollar markets with years of maturation ahead—prediction markets, stablecoins, tokenized existent satellite assets, crypto derivatives, and further beta connected crypto betterment from the bottom," they wrote. "We believe, we volition spot a bottommost successful crypto stocks into anemic Q1 earnings."

The stocks are trading astir 60% beneath their 2025 peaks, according to the note, written by expert Gautam Chhugani. Bernstein lowered its terms people connected Coinbase (COIN) to $330 from $440, connected Robinhood (HOOD) to $130 from $160, and connected Figure (FIGR) to $67 from $72.

Coinbase, currently trading astir $160, faces the astir nonstop crypto vulnerability of the three. Spot volumes are tracking astir 30% beneath Q4 2025 levels, and Bernstein chopped its 2026 net per stock estimation by 44% to $5.97. Still, the steadfast projects a 26% gross compound yearly maturation complaint done 2027, citing the firm's stablecoin revenue.

The San Francisco-based speech receives roughly fractional of Circle's USDC income, and has been rapidly scaling its derivatives concern pursuing its acquisition of Deribit.

Robinhood and Figure volition person an easier clip rebounding due to the fact that of their much constricted vulnerability to crypto prices, Bernstein analysts argued.

"We spot stronger resilience peculiarly successful HOOD and FIGR fixed revenues unlinked to crypto recovery—Figure is simply a axenic blockchain tokenization business. Crypto is specified ~20% of HOOD revenues," they wrote.

The analysts expect prediction markets to look arsenic a meaningful gross operator for Robinhood successful 2026, projecting astir $586 cardinal successful contributions—a 286% leap year-over-year—supported by its Kalshi organisation woody and proprietary speech Rothera, a associated task with Susquehanna.

Figure, a pure-play blockchain tokenization platform, crossed $1 cardinal successful monthly indebtedness origination measurement successful March, Bernstein noted, and is expanding beyond its halfway location equity enactment of recognition concern into car loans, tiny concern lending, and tokenized equities. The institution went nationalist successful September astatine a $5.3 cardinal valuation.

Robinhood (HOOD) precocious traded astir $64, down astir 3% connected the day, portion FIGR is down little than 1% to nether $31 per share.