Robinhood price target raised to $110 from $60 at KeyBanc

KeyBanc raised the firm’s price target on Robinhood (HOOD) to $110 from $60 and keeps an Overweight rating on the shares. Robinhood hosted its first ever crypto user event, showcasing continued product velocity and increased product breadth/depth. Most notable from the event, in the firm’s view, was the introduction of tokenized U.S. equities for Robinhood users in the EU and expanded crypto trading coverage from a geographic standpoint and from a product standpoint. These announcements, along with others from the event, not only reinforce first-rate innovation, but TAM expansion for the company, KeyBanc argues.