Keefe Bruyette analyst Kyle Voigt initiated coverage of Robinhood with a Market Perform rating and $20 price target. The firm appreciates and respects what this management team has done over the past 18 months in rightsizing the company’s cost base and returning to GAAP profitability. On the other hand, the firm balances this positive view with a stock price it believes has adequately captured the baseline upside from new product launches while also beginning to price in a higher level of normalized retail trading activity.
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