Crypto Stocks at 'Big Businesses at Big Discounts'

Bernstein has told clients that crypto-linked equities are approaching a floor after significant declines. The broker maintains Outperform ratings on Coinbase, Robinhood, and Figure.

Crypto stocks have fallen between 57% and 62% from their October 2025 peaks, attributed to macro uncertainty and weak sentiment by Bernstein analyst Gautam Chhugani.

The broker cut price targets for all three companies, citing near-term earnings pressure. For Coinbase, the target was lowered to $330 from $440; Robinhood's target was trimmed to $130 from $160; and Figure's target was reduced to $67 from $72.