Bank of America has raised its price target on Robinhood Markets Inc. (HOOD) from $95 to $112, now the highest on Wall Street. Five-star-rated analyst Craig Siegenthaler now sees a potential 15% upside from current levels. Following the upgrade, HOOD shares rose nearly 4% on Wednesday.
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BofA Hikes HOOD’s Target on Q2 Retail Buying Surge
Siegenthaler and his team increased their forecasts for equity and options trading on Robinhood’s platform. The upgrade was driven by an unexpected surge in dip-buying activity from retail investors in Q2, after the market downturn caused by April’s tariff-related sell-off. The analysts also noted that retail trading remained more resilient than expected, even after the market began to recover.
Siegenthaler maintains a Buy rating on HOOD stock, but notes a more cautious stance after its sharp rally of around 120% over the past three months.
Robinhood Stock Races Ahead of Wall Street Targets
Earlier this month, Robinhood stock briefly climbed past $100 to hit a new record. The rally was mainly driven by its latest crypto push. The company launched tokenized stocks for EU customers, giving them access to over 200 U.S. stocks, ETFs, and even private firms like OpenAI and SpaceX.
Robinhood’s entry into tokenized assets could offer new growth opportunities as the tokenization market expands. The company’s approach to digital finance and recent strategic moves may help it strengthen its position in the evolving financial services landscape. Overall, Robinhood stock surged 30% over the past month.
Interestingly, Robinhood’s share price has outpaced Wall Street’s expectations in recent months, prompting a wave of price target revisions. Earlier this week, Citi and Goldman Sachs also raised their price targets on HOOD stock.
Is HOOD a Good Stock to Buy?
According to TipRanks’ consensus, HOOD stock has a Moderate Buy rating, based on 15 Buys, five Holds, and one Sell assigned in the last three months. The Robinhood Markets share price target of $77.60 implies a 17.9% downside over current trading levels.
