2024-05-17 14:57:59 ET
Robinhood Markets Inc (NASDAQ: HOOD) is flying high on Friday after a Bank of America analyst issued a super bullish note in its favour.
Robinhood stock could gain another 22%
Craig Siegenthaler doubled upgraded the financial technology company this morning to “buy” and said its shares could climb to $24 which suggests another 22% upside from here.
The analyst is positive on Robinhood stock as he expects retail activity to remain strong moving forward. His research note reads:
Following the emergence of a new bull market last year, we have monitored a rebound in multiple metrics at Robinhood Markets … and we expect this to continue through 2026.
The bullish call arrives only days after reported record earnings for its first financial quarter .
Watch here: https://www.youtube.com/embed/gJzwOR6MI04?feature=oembedWhy else is he bullish on ?
Craig Siegenthaler is convinced that a continued increase in retail engagement result in up to 44% organic growth at Robinhood Markets Inc.
He’s constructive on the Nasdaq-listed firm as the macroeconomic setup at present is “almost the complete opposite of 2021 which was when we initiated at underperform”.
Retail activity related benefit to margin loan utilization and payment for order flow at large may be a material benefit for Robinhood stock moving forward, the Bank of America analyst told clients on Friday.
Note that the financial services company now has 23.9 million funded customers and roughly $130 billion in assets under custody. does not, however, pay a dividend at writing.
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