Robinhood Markets (HOOD) PT Raised to $36 at Piper Sandler

Piper Sandler analyst Patrick Moley raised the price target on Robinhood Markets (NASDAQ: HOOD) to $36.00 (from $30.00) while maintaining a Overweight rating.

The analyst commented, "Revisiting bitcoin halving cycles & what it means for HOOD. Crypto price cycles have historically centered around Bitcoin "halving" events which occur approximately once every 4 years. The prices of bitcoin & other tokens have historically rallied in the 12-18 months before and after these events (see the chart on page 2 for more detail on halving events and bitcoin's price). We currently find ourselves ~6 months out from the most recent halving event, meaning we could see prices continue to rise for another 6-12 months. Bottom line, for as long as this crypto bull market continues, we expect Robinhood (HOOD) to see strong retail engagement and transaction volumes. We believe HOOD is a very good way to play this crypto bull market as it has significant runway to scale its crypto operations
alongside an already established cash equity & options brokerage business."

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