Robinhood price target raised to $42 from $36 at Piper Sandler

Piper Sandler analyst Patrick Moley raised the firm’s price target on Robinhood (HOOD) to $42 from $36 and keeps an Overweight rating on the shares ahead of the company’s first ever investor day. In addition to highlighting strong momentum and growth in its core retail brokerage business, the firm expects management to provide a deep dive on its product roadmap and the growth initiatives it is most focused on. While certainly a possibility, Piper is not expecting Robinhood to provide much in terms of concrete targets, but rather help investors better understand the drivers of the growth algorithm and the opportunity that lies ahead.