Robinhood price target lowered to $61 from $75 at Deutsche Bank

Deutsche Bank analyst Brian Bedell lowered the firm’s price target on Robinhood (HOOD) to $61 from $75 and keeps a Buy rating on the shares. The firm views Robinhood’s February metrics as “being reasonably good overall,” with continued strong momentum in trading volumes across equities and options and “robust” traction on new products. However, it reduced crypto transaction volume assumptions to more conservative levels and expects at least a modest level of consensus downward revisions on crypto revenue in the coming weeks based on the pullback in crypto prices and “current de-risking” macro backdrop. Deutsche Bank sees a good buying opportunity in the shares post the recent selloff.