Barclays 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 $11 price target.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on HOOD:
- Robinhood (NASDAQ:HOOD) Diversifies with New Credit Card
- Robinhood Markets, Inc. Co-Founder Baiju Bhatt To Step Down as Chief Creative Officer
- Robinhood co-founder Baiju Bhatt Tto step down as Chief Creative Officer
- Robinhood call volume above normal and directionally bullish
- Robinhood Markets Enhances Board with New Director Appointment