Robinhood Surges on Analyst Upgrades and Crypto Network Momentum

Robinhood Markets (HOOD) has extended its rally, climbing over 3% on Wednesday and carrying that momentum into pre-market trading. Wall Street analysts have unveiled a wave of bullish calls, challenging the market's traditional view of the brokerage.

Scotiabank initiated coverage with a Buy rating and a $136 price target, implying roughly 27% upside from the stock's latest close. Piper Sandler raised its target to $145 from $135 while maintaining its Buy rating, pointing to 35.5% upside.

The core argument from Scotiabank is that investors are mispricing Robinhood as a cyclical retail broker, which it considers the wrong framework for evaluating a business with diversified revenue streams.