Piper Sandler raised the firm’s price target on Robinhood to $27 from $23 and keeps an Overweight rating on the shares. The firm believes the passage of comprehensive crypto legislation in the U.S. is near and thinks Robinhood is well positioned to benefit if this occurs given its relatively conservative crypto offering that can be expanded quickly and a younger customer demographic with an appetite to adopt new crypto products. Bottom line, Piper estimates about 10%-12% EPS upside to Robinhood earnings if the company were to expand its crypto offering to something comparable to crypto native peers.
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