Robinhood accelerates ‘SuperApp’ path with new products, says Barclays

Barclays analyst Benjamin Budish says Robinhood announced three new features: an upgraded app design to make the user experience more customizable, a 1% deposit match for all Gold brokerage deposits, and a no-fee credit card offering 3% cash back on all purchases. The credit card is “quite compelling,” though the economics rely on longer-term customer stickiness, the analyst tells investors in a research note. The firm believes the product expansion accelerates Robinhood’s “SuperApp” path, though at a cost. It keeps an Underweight rating on the shares with an $18 price target.