Key facts
- Piper Sandler analyst Patrick Moley raised Robinhood's stock price target to $145 from $135.
- Piper Sandler maintained an "Overweight" rating on HOOD stock.
- The analyst's bullish case is driven by Robinhood's prediction market business, especially during NFL and NCAA seasons.
- Piper Sandler projects substantial revenue from prediction market volumes through late 2026.
- Robinhood stock fell in pre-market trading despite the positive analyst outlooks.
Robinhood (HOOD) shares experienced a decline in pre-market trading despite a recent price target increase to $145 from $135 by Piper Sandler analyst Patrick Moley, who maintained an "Overweight" rating. This bullish call follows a similar upgrade from Morgan Stanley, which raised its target to $150 from $124.
The positive outlook from Piper Sandler is largely attributed to Robinhood's prediction market business, with the analyst citing the upcoming NFL and NCAA seasons as significant revenue opportunities. Piper Sandler anticipates a sharp rise in prediction market volumes through late 2026, potentially generating substantial annual revenue.
However, the stock's retreat in pre-market trading, falling 1.3% to $102.13 after closing the previous session down 1.24% at $103.51, appears to be influenced by a broader cautious sentiment in the cryptocurrency market. This downturn in the digital assets space has also affected other crypto-related stocks.