Deutsche Bank lifts Robinhood PT, cites accelerating chain revenue
HOOD•HOOD•HOOD•HOOD•24 of 29 analysts rate the stock "strong buy" or "buy", four "hold" and one "sell"; their median price target is $127, according to data compiled by LSEG.
As of the last close, the stock was up 10.3% year to date.
Deutsche Bank says daily chain revenue rose sharply to nearly $1.92 million on August 31, $3.38 million on September 1, and $4.01 million on September 2, based on observable data from DeFiLlama.
The brokerage also sees Robinhood Chain emerging as a $100 million-plus annual revenue business. Robinhood Chain is a proprietary blockchain network launched by Robinhood Markets.
Deutsche Bank raises its price target on trading platform Robinhood Markets HOOD.O to $136 from $115, implying to the stock's last close.
"We are raising our EPS estimates and our price target for Robinhood (HOOD-Buy) to reflect the recent acceleration in Robinhood Chain fee revenue," the brokerage says.
