• Bernstein lowered value targets for Coinbase, Robinhood, and Determine whereas sustaining outperform rankings, noting {that a} 60% decline from peak ranges created a valuation low cost.
  • Analysts attributed the market sell-off to momentary pressures from the Iran battle and cooling crypto sentiment, although they argued these components didn’t change long-term income outlooks.
  • Forecasts remained robust primarily based on Coinbase’s curiosity earnings, Robinhood’s progress in prediction markets, and Determine’s achievement of 1 billion {dollars} in month-to-month blockchain-based mortgage originations.

Bernstein lowered value targets on Coinbase, Robinhood and Determine on March 30, 2026, whereas sustaining Outperform rankings, saying a roughly 60% decline from their 2025 peaks has pushed the three crypto-linked shares into low cost territory regardless of near-term weak spot.

The agency minimize Coinbase’s goal to US$330 (AU$479) from US$440 (AU$638), Robinhood’s to US$130 (AU$189) from US$160 (AU$232), and Determine’s to US$67 (AU$97) from US$72 (AU$104). 

However all three have been notably under the agency’s revised targets, as Coinbase was buying and selling close to US$160 (AU$232), Robinhood round US$64 (AU$93), and Determine about US$31 (AU$45).

Bernstein mentioned the sell-off displays two momentary pressures, beginning with weaker world threat urge for food tied to the Iran battle, and softer crypto sentiment after the cooling of final 12 months’s bull market. 

Likewise, the dealer argued that neither issue modifications the longer-term income outlook for the three corporations.

Learn extra: Banking Woes Rise as Record One-Third of Australians Invest in Digital Assets

Bernstein Stays Bullish

Coinbase faces the sharpest near-term hit as spot buying and selling volumes are monitoring about 30% under This fall 2025 ranges, main Bernstein to chop its 2026 earnings-per-share estimate by 44% to US$5.97 (AU$9). 

Even so, the dealer saved its forecast for 26% compound annual income progress by way of 2027, supported partly by Coinbase’s roughly 50% share of Circle’s USDC earnings distributions, which offer recurring income much less tied to buying and selling volumes. Robinhood’s crypto enterprise, which makes up about 20% of complete income, is beneath comparable strain. 

Bernstein’s longer-term case, nevertheless, focuses on prediction markets, the place it forecasts US$586 million (AU$850 million) in 2026 income, up 286% from a 12 months earlier. The notice mentioned Robinhood is properly positioned in a class that noticed file exercise as not too long ago as late 2025.

Determine’s case is totally different once more as the corporate, which went public in September 2025 at a US$5.3 billion (AU$7.69 billion) valuation, focuses on blockchain-based residence lending and tokenised real-world assets somewhat than crypto buying and selling. 

Bernstein mentioned crypto equities could also be nearing a ground as weak first-quarter outcomes are absorbed, with any re-rating prone to rely upon whether or not the present risk-off backdrop begins to ease.

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