Robinhood Raises Price Target to $122 with 52.9% Upside, Launches Platinum Card
New Street’s Craig Siegenthaler set Robinhood Markets’ price target at $122, implying a 52.9% upside from current levels. The company unveiled a Platinum credit card to attract high-income clients and challenge American Express and JPMorgan Chase, while shares dipped 2.9% on the news.
1. New Price Target
Craig Siegenthaler of New Street set Robinhood Markets’ price target at $122, indicating confidence in the company’s growth potential. The 52.9% implied upside reflects expectations for continued user base expansion and product diversification.
2. Platinum Credit Card Introduction
Robinhood introduced a Platinum credit card aimed at high-income customers, positioning itself against established issuers like American Express and JPMorgan Chase. This launch expands Robinhood’s offerings beyond trading services and seeks to drive new fee-based revenue.
3. Share Performance and Market Metrics
Shares of Robinhood Markets fell 2.9% following the announcements, highlighting investor caution on strategic shifts. Trading volume reached 28.9 million shares, and market capitalization stands near $71.85 billion, underscoring significant market engagement.