Robinhood price target raised to $20 from $17 at Mizuho

Mizuho analyst Dan Dolev raised the firm’s price target on Robinhood to $20 from $17 and keeps a Buy rating on the shares. The company’s February metrics “shined across the board,” the analyst tells investors in a research note. The firm assets under custody accelerated to $120B, trading volumes for all assets re-accelerated sequentially, and traders were the most active they’ve been since January 2022. Most significantly, net deposits for the quarter so far have already reached over $7B, well ahead of the prior high quarter of $4.6B, says Mizuho. It believes this month’s results support the view that Robinhood continues to be a share gainer in both trading and industry assets.