Robinhood Stock Soars on Morgan Stanley Upgrade to 'Overweight'

Morgan Stanley upgraded Robinhood Markets' stock to Overweight from Equal-weight, boosting its price target to $150 from $124.

The upgrade came despite a decline in cryptocurrency-related stocks, with Coinbase and Strategy trading lower in premarket activity.

Rising revenue from existing customer base, growing asset-based revenues, and expanding product capabilities are key drivers of the upgrade, according to Morgan Stanley analysts.