Keefe Bruyette views Robinhood’s $1B repurchase program as “incrementally positive,” saying it may provide a very modest earnings benefit. However, given Robinhood’s “well-known capital flexibility,” Keefe already values the company’s forward “excess cash” on a per-share basis, so the announcement will have no impact to its valuation, the analyst tells investors in a research note. The firm keeps a Market Perform rating on the shares with a $21.50 price target.
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