Bernstein cuts Coinbase target, raises Circle outlook as crypto revenue mix shifts

The broker kept Outperform ratings on Coinbase, Robinhood and Circle but now sees prediction markets, derivatives and tokenization doing more of the heavy lifting Bernstein still likes Coinbase . It just likes it a little less than it did before Monday. In a fresh report ahead of third-quarter earnings, the brokerage kept its Outperform rating on Coinbase (COIN), Robinhood (HOOD) and Circle (CRCL). Under the surface, though, the numbers moved in different directions. Bernstein cut its earnings forecast and price target for Coinbase while raising its revenue estimates for Robinhood and its earnings estimates for Circle. The shift says less about any one company and more about where crypto money is now being made. According to Bernstein, plain crypto trading is no longer the main event.

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