Needham upgraded Robinhood (HOOD) to Buy from Neutral with a $40 price target Donald Trump’s election win stands to “materially benefit the company,” primarily via changes at the SEC, the analyst contends. The firm believes Robinhood is attractively positioned for more crypto asset listings coming, noting that the company has historically limited its product suite to avoid SEC enforcement actions, but with a change in Chair, it believes Robinhood will launch new offerings including the four new assets last week. The firm also expects a retail driven bull market to be in Robinhood’s favor as the company has been successful in launching “meme” related trading products which appeal to retail customers, the analyst added. The Equity and Margin Business segments should act to dampen crypto revenue volatility and position Robinhood as “a ‘one-stop-shop’ for financial services,” the firm argues.
Don't Miss our Black Friday Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on HOOD:
- Robinhood upgraded to Buy from Hold at Needham
- Robinhood price target raised to $35 from $34 at Deutsche Bank
- Robinhood price target raised to $40 from $33 at JMP Securities
- Robinhood reports October Assets under custody $159.7B
- Robinhood price target raised to $24 from $22 at Morgan Stanley
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
