Mizuho Raises Robinhood Price Target 24% to $99 on Crypto Push

Mizuho Securities has raised its price target for Robinhood Markets (HOOD) to $99 from $80, while maintaining an "Outperform" rating on the shares. This adjustment comes after the company's successful product launches and its aggressive push into global crypto products. Mizuho analyst Dan Dolev cited Robinhood's rapid product innovation and recent events as pivotal factors driving the price target increase. The firm's bullish stance on Robinhood is underpinned by the company's strategic expansion into the cryptocurrency market, which is seen as a significant growth driver.

Robinhood (HOOD) recently announced the launch of a tokenized stock product based on Arbitrum, and is building the Robinhood Chain, an RWA-exclusive Layer 2 network. Dolev wrote in a report to clients, "Robinhood's product velocity is mind-blowing." He emphasized a series of significant product launches, including providing tokenized U.S. stocks for European clients, up to 3x leverage crypto perpetual futures, and asset staking for assets like ETH and SOL in the U.S.

The analyst also mentioned upcoming features such as crypto reward cards, an Ethereum-based Layer 2 chain focused on real-world asset tokenization, and an AI investment assistant named Cortex. CEO Vlad Tenev stated that his company will also issue tokenized stocks of private companies OpenAI and SpaceX.

According to the analyst's forecast, Robinhood's aggressive push into the cryptocurrency market is seen as a significant growth driver. This move by Mizuho reflects a growing optimism among analysts regarding Robinhood's future prospects, particularly in the context of its expanding product offerings and market reach.