Robinhood's strong second-quarter earnings prompted several Wall Street analysts to raise their price targets for the stock. Despite this, none upgraded their ratings. Analysts from JPMorgan, Cantor Fitzgerald, KBW, and Citigroup noted rising crypto trading volumes and July activity as positive indicators for revenue growth but pointed out that much of the potential growth may already be reflected in the stock's nearly tripled price since April. Citi increased its target to $120, maintaining a neutral rating, while JPMorgan boosted its target to $104, also remaining neutral. Cantor Fitzgerald's analyst, who is the only one with a buy rating, raised the target to $118. Robinhood's performance was supported by its acquisition of crypto exchange Bitstamp, significantly increasing its crypto revenue. Analysts are paying close attention to Coinbase's upcoming earnings report, as strong results from Robinhood set a high benchmark. They expect Coinbase to report increased revenue but recognize that its business model is less diversified than Robinhood's, putting more pressure on crypto trading volumes to drive its earnings.

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