HOOD - Bitcoin ETF launches Are Positive For Robinhood But Limited Direct Driver of Transaction Revenue: Analyst | Benzinga
Needham analyst John Todaro reiterated a Hold rating on Robinhood Markets, Inc (NASDAQ:HOOD).
The analyst modestly increased his estimates for fourth-quarter 2023, driven by higher than initially forecast crypto transactional volumes and revenue.
Todaro expects crypto revenue to be near first-quarter 2023 levels and should represent a bright spot and the main driver of transaction-based revenue growth sequentially.
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Additionally, he increased net interest revenue for 2024 as expectations for the first half of 2024 rate cuts have moderated.
The analyst notes that Bitcoin ETF launches are positive for HOOD but ultimately expects them to be a limited direct driver of transaction revenue in equities or Bitcoin trading.
With share price increasing on ...