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Robinhood Markets Inc (Nasdaq: HOOD) is flying high on Friday after a Bank of America analyst issued a super bullish note in its favour.
Robinhood stock could gain another 22%
Craig Siegenthaler doubled-upgraded the financial technology company this morning to “buy” and said its shares could climb to $24 which suggests another 22% upside from here.The analyst is positive on Robinhood stock as he expects retail activity to remain strong moving forward. His research note reads:
Following the emergence of a new bull market last year, we have monitored a rebound in multiple metrics at Robinhood Markets … and we expect this to continue through 2026.
The bullish call arrives only days after $HOOD reported record earnings for its first financial quarter.
Why else is he bullish on HOOD?
Craig Siegenthaler is convinced that a continued increase in retail engagement result in up to 44% organic growth at Robinhood Markets Inc.He’s constructive on the Nasdaq-listed firm as the macroeconomic setup at present is “almost the complete opposite of 2021 which was when we initiated $HOOD at underperform”.Retail activity related benefit to margin loan utilization and payment for order flow at large may be a material benefit for Robinhood stock moving forward, the Bank of America analyst told clients on Friday.Note that the financial services company now has 23.9 million funded customers and roughly $130 billion in assets under custody. $HOOD does not, however, pay a dividend in writing.More By This Author:Applied Materials Beats Q2 Estimates But Guidance Disappoints Cisco Issues Upbeat Guidance Despite 13% Hit To Revenue In Q3 Canoo Q1 Earnings: Up To $100 Million In Revenue Expected In 2024
