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.
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