Bernstein has raised its price target for Robinhood (HOOD) to $51 from $30, keeping an “outperform” rating on the stock, as analysts predict that the trading platform is poised to benefit from regulatory shifts under a pro-crypto U.S. Securities and Exchange Commission (SEC) during a potential Donald Trump presidency.

In early trading, Robinhood shares saw a rise of over 2%, reaching around $36, following the upgrade.

The report noted that Robinhood has been limited in its cryptocurrency offerings due to regulatory constraints. Currently, the platform only supports 19 tokens and does not generate revenue from services like staking, lending, or stablecoins.

However, analysts at Bernstein believe this is set to change under a potentially more crypto-friendly SEC. “We expect Robinhood to be the biggest beneficiary of crypto-friendly regulatory changes,” they wrote.

With the possibility of new regulations, Robinhood could see a significant revenue boost by adding more tokens and launching additional crypto-related products. The analysts also pointed to Robinhood’s recent acquisition of Bitstamp and its European platform, which could help expand the company’s crypto offerings by adding services such as staking, stablecoin trading, and lending.

In the wake of Trump’s election victory, Robinhood added Solana (SOL), Pepe (PEPE), Cardano (ADA), and XRP (XRP) to its platform, bringing the total number of available cryptocurrencies for U.S. users to 19.