StoneX Financial initiated coverage of Robinhood Markets (HOOD). The firm assigned a "Buy" rating. It set a $170 price target. This suggests a potential 45% upside from the stock's previous close. Analyst Mark Palmer highlighted that nearly every operating metric at Robinhood is accelerating.
Robinhood's expansion beyond core trading services drives the positive outlook. StoneX identified the company's new Layer 2 blockchain, Robinhood Chain, as a key future growth driver. The firm also cited its growing prediction markets business. Robinhood is successfully diversifying into crypto, banking, and advisory services. This strategy attracts and retains wealthier customers on its platform.