JPMorgan lowered the firm’s price target on Robinhood (HOOD) to $92 from $113 and keeps a Neutral rating on the shares after chatting with management ahead of Q1 results due next week. A headline decline in Q1 estimates was mostly driven by lower net interest revenue and higher expenses, the analyst tells investors in a preview. The firm also lowered its target valuation multiple given recent softer net deposit growth and “the limited outlook on retail engagement going forward,” the analyst added.
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