Rosenblatt starts Webull at Buy, says shares cheaper than Robinhood

Investing.com -- Rosenblatt Securities initiated coverage of Webull Corporation with a Buy rating and $19 price target, given the online brokerage’s rapid expansion in retail trading, international markets, and the reopening of its cryptocurrency business.

Analysts said Webull has evolved from a niche data platform into the second-largest mobile-first brokerage in the United States, with a top-rated app and integrated desktop service that cater to active retail traders.

The firm expects the company to sustain more than 25% annual revenue growth through 2027, well above current market forecasts.

“Webull has clearly capitalized, quickly growing from a niche market data platform to the #2 mobile-first brokerage in the US,” Rosenblatt wrote.

Crypto is a key part of the bull case, the analysts added, citing a friendlier U.S. regulatory climate that has revived activity in the sector.

Webull, which spun out its crypto unit in 2023 under regulatory pressure, relaunched the business this year. At the height of the last cycle, crypto trading generated about a fifth of its revenue.

Rosenblatt also highlighted overseas expansion as a growth driver, with Webull already licensed in 14 markets including Hong Kong, Singapore, the UK, Australia and Japan.

These regions have earlier-stage retail participation and less competition in active trading, the analyst said.

Brokerage said Webull shares are not cheap, which is trading at about 10 times 2026 consensus revenue, but said the multiple looks attractive against Robinhood, which trades at 25 times.

Rosenblatt forecast faster growth for Webull given its smaller base and largely fixed costs.

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