KeyBanc raised the firm’s price target on Robinhood to $22 from $15 on higher estimates and a multiple more in line with the peer group, while keeping an Overweight rating on the shares. The firm’s revised 2024 transaction revenue estimate assumes equity, option contract, and crypto volume growth of 25%, 14%, and 83% quarter-over-quarter, respectively, leveraging previously disclosed monthly metrics from Robinhood and third-party data for the month of March and stable rebate levels. KeyBanc’s net interest revenue revision principally assumes larger interest earning balance. The firm’s 2025 topline estimate moves higher for similar reasons.
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