UPDATE: Atlantic Equities Starts Robinhood Markets (HOOD) at Overweight
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Atlantic Equities analyst John Heagerty initiates coverage on Robinhood Markets (NASDAQ: HOOD) with a Overweight rating and a price target of $65.00.
The analyst comments "We are initiating on Robinhood with an Overweight Recommendation. Robinhood has delivered a four-year user growth CAGR of over 100% and this continued in 2Q21 with 25% growth QoQ to 22.5m. We believe this superior user growth will continue given the success of the referral program and the product appeal among its target demographic. We also see opportunity to build out the product portfolio to drive faster revenue growth. Lastly, we believe the pre- tax margin could treble from our 2022 forecast of 17%. Our sales- and user-based multiples deliver a valuation of $65."
Shares of Robinhood Markets closed at $ yesterday.
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