JMP Securities analyst Devin Ryan raised the firm’s price target on Robinhood to $30 from $28 and keeps an Outperform rating on the shares. Robinhood delivered 40% year over year revenue growth, 15% above the firm’s estimate, while at the same time demonstrating total expenses 5% below the firm’s model, the analyst tells investors in a research note. The second quarter is off to an event better start, and JMP expects further acceleration in deposits and new customers, with enhancements to Gold offering also increasingly contributing.
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