Robinhood price target lowered to $111 from $130 at Goldman Sachs

Goldman Sachs analyst James Yaro lowered the firm’s price target on Robinhood (HOOD) to $111 from $130 and keeps a Buy rating on the shares. Robinhood showed strong January metrics, including 9% annualized growth in funded accounts to 27.2million, equity and crypto volumes up 57% and 12% year over year, and prediction market event contracts rising 17% month over month to $3.4B, the analyst tells investors in a research note. Platform activity remained robust with app downloads up 30% m/m and daily commissions rising 13% to $10M, prompting an update to January-adjusted estimates, the firm says.