Robinhood Stock Jumps as Wall Street Firms Sing its Praises

Robinhood stock surged 16.6% on Thursday to close at $124.72, its highest close since December 10.

The jump came after several Wall Street firms upgraded their ratings and price targets for HOOD. Morgan Stanley analyst Michael Cyprys raised his price target to $150, citing Robinhood's ability to turn product expansion into better customer economics.

Assets per customer are up 23% year over year, and the growing product lineup gives customers more reasons to keep assets at Robinhood rather than moving them elsewhere as their wealth grows, Cyprys wrote.

Deutsche Bank also raised its HOOD price target to $136 from $115, calling out the Robinhood Chain, the company's layer-2 blockchain network, as a meaningful source of upside.