Robinhood price target raised to $65 from $60 at BofA

BofA analyst Craig Siegenthaler raised the firm’s price target on Robinhood (HOOD) to $65 from $60 and keeps a Buy rating on the shares after having hosted a group meeting with Robinhood’s co-founder and CEO Vlad Tenev at the company’s headquarters. Most of the discussion focused on Robinhood’s “impressive product velocity,” says the analyst, who views the active trader segment, high net worth and wallet share of existing Gen Z/millennial accounts as the three biggest one to three year opportunities. Separate from the meeting, the firm made a few minor modeling tweaks, revised up take rates for crypto/options and raised client cash balances given the strong organic growth, the analyst tells investors.