UPDATE: Barclays Starts Robinhood Markets (HOOD) at Equalweight Citing 'our lack of confidence in the projections and regulatory uncertainty'

Barclays analyst Ross Sandler initiates coverage on Robinhood Markets (NASDAQ: HOOD) with a Equalweight rating and a price target of $50.00.

The analyst comments "If you want an informed view on payment for order flow (PFOF) regulation, then you should stop reading this report right now. We look at HOOD's opportunity through a different lens, namely, if we were a growth investor who doesn't really care about valuation (i.e., a VC), would we back this company? The answer is a resounding "yes." HOOD meets the characteristics we like to see, namely: 1) it is founder led and has one of the best engineering teams in fintech, in our view, 2) we see zero risk of the mega-cap consumer tech players in AI (AMZN, GOOG, FB, etc.) having an interest in this space, hence they aren't going to cause HOOD problems, 3) the company has some of the best unit economics and growth profile of any category leader we observe. Every company in fintech is chasing the Alipay 'super-app' concept and, with the highest engagement and NPS in the space, we think HOOD stands about as good a chance as any to get there. That said, while we like the opportunity, we launch at Equal Weight, reflecting our lack of confidence in the projections and regulatory uncertainty."

For an analyst ratings summary and ratings history on Robinhood Markets click here. For more ratings news on Robinhood Markets click here.

Shares of Robinhood Markets closed at $42.64 yesterday.

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