Citi downgraded Robinhood to Sell from Neutral with a price target of $16, up from $13. The shares are off to a strong start to 2024, up 44% year-to-date, but this appears largely due to rising bitcoin prices, the analyst tells investors in a research note. Given the increase in stock price, Citi believes Robinhood’s valuation levels “have disconnected from the fundamental outlook.” It sees risks to the stock here on any material pullback in bitcoin prices, slower retail activity, or a market pullback given current valuations.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on HOOD:
- Robinhood price target raised to $18 from $11 at Morgan Stanley
- Robinhood price target raised to $28 from $25 at JMP Securities
- Robinhood CEO Tenev sells 250,000 class A shares
- Dogecoin’s Rally and Market Speculations: A New Bull Market in Sight?
- Robinhood price target raised to $16 from $11 at Barclays