Robinhood price target raised to $80 from $65 at Mizuho

Mizuho raised the firm’s price target on Robinhood (HOOD) to $80 from $65 and keeps an Outperform rating on the shares. The firm updated the company’s model following the “solid” May results. Robinhood’s better than expected monthly metrics are driving Q2 revenue and adjusted EBITDA estimates higher, the analyst tells investors in a research note. Mizuho expects the company’s “To Catch a Token” event on June 30 to feature major announcements regarding digital assets and their integration with traditional finance. Robinhood deserves a premium valuation to other fintechs given that it has proven its ability to grow rapidly and can tap into a $600B total addressable market with new products and geographies, the analyst contends.