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Robinhood Sees Surge in Trading as Bull Market Returns, Analyst Upgrades Stock

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Robinhood Markets Inc (NASDAQ:HOOD) shares are trading higher after B&A Securities analyst Craig Siegenthaler upgraded the stock from Underperform to Buy and raised its price target from $14 to $24.

Siegenthaler noted the current entry point as very different from 2021 when he first initiated on HOOD with an Underperform. 

Now, interest rates are elevated, and the BofA economists forecast Fed rate cuts to start in December. 

Also Read: Robinhood CEO Vlad Tenev Dishes On Hot Retirement Offerings: ‘Economics Of The Offer Are Irresistible To Pass Up’

The analyst said economic growth is surprising to the upside, and stock and crypto markets are back in bull market territory. 

Robust retail engagement will benefit HOOD on multiple fronts, including accelerating near-term organic growth, higher trading activity driving rising payment for order flow, and …

Full story available on Benzinga.com

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