Deutsche Bank's analyst Brian Bedell noted that Robinhood Chain, launched earlier this year, has shown significant growth in fee revenue from cryptocurrency trades.
The bank's revised price target reflects a 9% upside from the stock's recent close and is based on the chain's revenue trajectory, which has rapidly increased from a run rate of approximately $200,000 to over $4 million in just a few days. This positive momentum has led to a bullish sentiment among analysts, with 24 out of 29 covering Robinhood giving it a buy or strong buy rating.
The stock has appreciated 41% over the past three months and 20% this week, indicating growing investor confidence in Robinhood's future prospects, particularly in the cryptocurrency market