HOOD Stock Sees Price Target Hikes Amid Wall Street Optimism

Robinhood Markets Inc., known by its ticker HOOD, saw its shares close up more than 3% on Wednesday and continue to climb overnight. Analysts from Scotiabank and Piper Sandler recently updated their price targets for the company, with Scotiabank initiating coverage with an 'Outperform' rating and a $136 price target.

Piper Sandler also increased its price target to $145 from $135, keeping an 'Overweight' rating on the stock. This implies an upside of more than 27% from HOOD's last close.

Scotiabank believes that the market is pricing Robinhood as a cyclical retail broker, which it considers to be the wrong framework. The analyst noted that Robinhood earns across transaction revenue, net interest, subscription, exchange and clearing economics, and international crypto infrastructure.