Robinhood price target raised to $47 from $44 at JPMorgan

JPMorgan analyst Kenneth Worthington raised the firm’s price target on Robinhood (HOOD) to $47 from $44 and keeps a Neutral rating on the shares following the Q1 report. The firm views the earnings beat as “somewhat low quality” since it was driven mostly by a lower than modeled effective tax rate. Robinhood’s retail trading client engagement is high but returns are low, the analyst tells investors in a research note.