BUZZ-Needham raises Robinhood PT on product expansion prospects
Needham has raised its price target for Robinhood (HOOD) from $58 to $71, indicating a potential upside of approximately 13.5%. The brokerage anticipates that Robinhood will launch new crypto-related products, enhancing its competitiveness in the crypto market. Currently, 14 out of 21 brokerages rate Robinhood's stock as 'buy' or higher, with a median price target of $62. Year-to-date, the stock has increased by about 69%.
** Trading platform Robinhood's shares HOOD.O up 0.6% at $62.96
** Needham raises PT of HOOD to $71 from $58, a ~13.5% upside to stock's last close
** Brokerage expects HOOD to launch new crypto-related products
** "We believe HOOD will become more competitive within crypto specifically," says Needham
** Adds that co is positioned to be a major beneficiary of more positive regulations within the crypto space
** Fourteen of 21 brokerages rate the stock "buy" or higher, seven "hold"; their median PT is $62 - LSEG data
** Including session's move, stock up ~69% YTD
