Bernstein signals potential bottom into Q1 earnings for Coinbase, Robinhood and Figure as crypto equities trade at steep discounts
The Block
Bernstein analysts believe crypto-linked equities are undervalued and anticipate a potential bottom during Q1 earnings despite current market weakness.Summary
Bernstein reports that crypto equities are trading at significant discounts, reflecting weak sentiment rather than long-term issues, and forecasts a potential bottom during Q1 earnings. The firm maintains outperform ratings for Coinbase (COIN), Robinhood (HOOD), and Figure Technology Solutions (FIGR), albeit with revised price targets. Coinbase's growth is expected to be driven by stablecoins and derivatives, while Robinhood benefits from prediction markets and diversified revenue. Figure's resilience stems from its focus on blockchain-based tokenization. Bernstein argues that valuations have fallen faster than fundamentals warrant, suggesting a buying opportunity as the market stabilizes beyond the first quarter.
(Source：The Block)