BofA Raises Robinhood and Coinbase Price Targets Ahead of Earnings

Bank of America (BofA) has raised its price targets for Robinhood (HOOD) and Coinbase (COIN) ahead of their third-quarter earnings reports, while lowering its target for eToro (ETOR). Robinhood's target was increased to $156 from $140, and Coinbase's to $203 from $174, with both maintaining 'Buy' ratings. In contrast, eToro's target was cut to $39 from $46, with a 'Neutral' rating.

Robinhood's stock gained around 1% in morning trade, with retail sentiment on Stocktwits trending 'bullish.' Coinbase's stock jumped as much as 2.8%, despite bearish sentiment. BofA analyst Craig Siegenthaler attributed the changes to the firm's estimates reshuffling ahead of earnings season.

Robinhood is expected to report earnings of $0.64 per share on revenue of $1.4 billion, with a strong track record of beating estimates in its last 11 quarters. Despite this, HOOD stock is down more than 20% over the past year. The average analyst price target stands at $132.79, with BofA's target representing a more bullish view.

Coinbase is projected to report a loss of $0.20 per share on revenue of $1.77 billion, having missed estimates in the past three quarters. COIN stock has fallen nearly 50% over the past year, alongside Bitcoin's (BTC) price decline. The average analyst target stands at $207.85, slightly above BofA's forecast.

eToro is expected to report earnings of $0.40 per share on revenue of $203 million. Since going public, it has beaten earnings estimates three times and missed them three times. ETOR stock is down nearly 40% over the past year, trading near $26, with an average analyst price target of $47.60, implying nearly 85% upside.