Robinhood Stock (HOOD) Gets Higher Price Targets from Goldman, Jefferies

Goldman Sachs and Jefferies raised their price targets on Robinhood Markets (HOOD) stock and reiterated their bullish stance on the trading platform. Meanwhile, Robinhood announced a multi-year partnership with OG.com, naming the latter as an infrastructure and clearing provider for Robinhood's Prediction Markets offering. The company disclosed that the deal follows Citadel Securities' investment in Crypto.com at a valuation of $20 billion, including a $5 billion valuation of OG.com, which spins off from Crypto.com as an independent trading platform. Importantly, Robinhood will hold initial equity stakes in Crypto.com and OG.com. Here's Why Goldman Sachs Raised its Price Target on HOOD Stock Goldman Sachs analyst James Yaro increased his price target on Robinhood stock to $142 from $124 and reiterated a Buy rating. The 4-star analyst noted that since its May launch, Rothera, Robinhood's prediction market joint venture with Susquehanna International Group, has been among the 3rd-5th largest global prediction market exchanges by trading volume. Following $150 million of annualized top-line in its first quarter of operation, Yaro expects the momentum in Rothera's business to continue, driven by deep liquidity potential across the exchange, supported by Robinhood's large retail customer base and market-maker engagement on the platform; lower fee rates than other prediction-market exchanges; and potential to expand further through addition of more brokers and products. Overall, Yaro expects Rothera to contribute a significant portion of Robinhood's overall prediction markets revenue. Jefferies Sees More Upside in Robinhood Stock Likewise, Jefferies analyst Daniel Fannon increased his price target on HOOD stock to $140 from $127 and reaffirmed a Buy rating following a meeting with the company's CFO Shiv Verma. The analyst emphasized that momentum in Robinhood's business remains solid, driven by strong net deposits, an increase in Gold subscribers, and an 'aggressive' product roadmap. Fannon highlighted the accelerated activity on Robinhood Chain, with daily fees reaching $8.2 million on September 4 and daily volumes rising to $3.8 billion. The analyst also noted improving prediction market trends on Rothera as we move into the football season. Is HOOD a Good Stock to Buy Now? Given solid demand tailwinds, Wall Street has a Strong Buy consensus rating on Robinhood stock based on 18 Buys and two Holds. The average HOOD stock price target of $131.20 indicates about 8% upside potential. Shares have risen about 7% year-to-date. Disclaimer & DisclosureReport an Issue