Investment bank Compass Point gave Robinhood Markets Inc. (NASDAQ: HOOD) a "buy" rating on March 19 and set a price target of $61. Compass Point believes that Robinhood's cryptocurrency business is expected to grow, driven by improved regulatory environments and cross-selling potential.
Analysts at Compass Point estimate that Robinhood has the opportunity to generate $665 million in revenue by cross-selling cryptocurrency products to existing U.S. users, of which $150 million could be generated through the staking service alone. The company notes that despite Robinhood's cautious expansion strategy in cryptocurrency, its cryptocurrency business generates only 19% of the non-interest income of cryptocurrency exchange giant Coinbase.
Investment bank Compass Point has a "buy" rating on Robinhood, with a $61 price target
2025-03-20 00:59:12
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