Robinhood stock targets raised to $165 on blockchain growth

Wall Street analysts are raising price targets for Robinhood Markets, Inc. (HOOD), with Citizens JMP increasing its target to $165 from $155. This bullish outlook is driven largely by the company’s blockchain ambitions. Analysts project that the Robinhood Chain could generate approximately $1 million in net revenue daily by 2027, potentially totaling $365 million in annual revenue.

Other financial institutions, including Goldman Sachs, Jefferies, and Bernstein, have also issued positive outlooks or raised targets for the stock. This follows strong quarterly results where the company’s earnings per share surpassed expectations and revenue grew 32.5% year-over-year.

In a separate strategic move, Robinhood has expanded its prediction markets business through a partnership with Crypto.com and OG.com. This alliance utilizes new infrastructure to process event contracts, such as football-related contracts, under the supervision of the Commodity Futures Trading Commission (CFTC).