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Investing.com - Cantor Fitzgerald has raised its price target on Robinhood Markets (NASDAQ:HOOD) to $100.00 from $89.00 while maintaining an Overweight rating on the stock. The target comes as HOOD trades near its 52-week high of $94.24, having delivered an impressive 310% return over the past year. InvestingPro analysis suggests the stock is currently trading above its Fair Value.
The firm cited Robinhood’s deeper expansion into cryptocurrency as the primary driver behind the increased target, noting that new product launches in this space could provide "meaningful revenue and earnings runway in the future." This optimism appears justified, with InvestingPro data showing strong revenue growth of 59.65% and positive earnings of $1.80 per share over the last twelve months.
Cantor Fitzgerald’s higher price target is primarily driven by an increased target multiple applied to Robinhood shares, which the firm believes "is warranted given the product roadmap."
The research firm emphasized that Robinhood remains a "must-own name in the sector" as the company continues to diversify its offerings beyond traditional stock trading.
Robinhood has been strategically expanding its cryptocurrency capabilities as part of its broader effort to attract users seeking exposure to digital assets alongside conventional investment options.
In other recent news, Robinhood Markets has been making headlines with several key developments. Mizuho (NYSE:MFG) raised its price target for Robinhood to $99, citing the company’s rapid product innovation and recent events like "To Catch a Token" as pivotal factors. This comes as Robinhood launches tokenized U.S. stocks for European Union customers, allowing them to trade over 200 U.S. stocks and ETFs through a partnership with blockchain firm Arbitrum. Meanwhile, Goldman Sachs increased its price target to $91, noting mixed trading volumes but maintaining a positive long-term outlook due to Robinhood’s ongoing product launches and geographic expansion. Compass Point also raised its price target to $96, highlighting Robinhood’s strong performance and growth trends in areas like tokenized stocks and blockchain efficiencies. In related news, former Robinhood executive Dheerja Kaur has been appointed as the first Chief Product Officer at Hims & Hers Health, bringing her experience in product development and revenue growth to the healthcare platform. These recent developments underscore Robinhood’s dynamic approach to expanding its offerings and market presence.
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