Robinhood Markets (HOOD) PT Raised to $40 at JMP Securities

JMP Securities analyst Devin Ryan raised the price target on Robinhood Markets (NASDAQ: HOOD) to $40.00 (from $33.00) while maintaining a Market Outperform rating.

The analyst comments: "Robinhood October metrics highlight strong business momentum, which we only see accelerating following the U.S. election last week; reiterate Market Outperform rating and increase price target to $40 from $33. This evening (11/11), Robinhood released its October monthly metrics, consisting of robust results across nearly all reported metrics. The company had provided some forward commentary for the month of October on its 3Q24 earnings call (on 10/30, which we wrote about), but the results were even better than management had set expectations for. Furthermore, we believe the even bigger story for the company is positive implications on the business following the U.S. election, which near term are already driving increased investor engagement, but longer-term should unlock expanding revenue potential across numerous parts of the business, with the most notable example related to crypto, in our view."

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