Robinhood Gold Summit this week should be ‘key catalyst,’ says Morgan Stanley

Morgan Stanley analyst Michael Cyprys notes that Robinhood (HOOD) will host their Gold Summit on March 26, calling the event a “key catalyst” for the stock. The firm expects new product launches and announcements that will add new vectors for growth and “instill greater investor confidence that they are a real company,” says the analyst, who looks for Robinhood to launch an investment advice solution with a managed account offering and a RIA referral program, addressing wealth management and advisory needs. The firm, which also looks for announcements that streamline the process for customers to onboard deposits and transfer assets, reiterates an Overweight rating and $90 price target on Robinhood shares.