Robinhood (NASDAQ:HOOD) stock is up on Friday after the financial services platform company got a new price target from Bank of America analysts.
This has the Bank of America analysts increasing their price target for HOOD stock from $14 to $24 per share. That represents a potential 34% upside from the stock’s prior closing price. It’s also bullish next to the analyst consensus price prediction of $19.75 per share.
In addition to this, Bank of America also gave HOOD stock a double upgrade today. That saw it bump the stock up from an “underperform” rating to a “buy” rating. That’s better than the analyst consensus rating of hold based on 15 opinions.
What’s Behind the Bull Stance on HOOD Stock?
Here’s what Bank of America analyst Craig Siegenthaler said in a note to clients obtained by CNBC:
“Retail engagement peaked in 2021 and then declined significantly through the >500bps of Fed rate hikes and the 2022 bear market, troughing in 2023 […] However, following the emergence of a new bull market last year, we have monitored a rebound in multiple metrics at Robinhood Markets […] and we expect this to continue through 2026.”
HOOD stock is up 9.7% as of Friday morning with more than 14 million shares traded. That’s closing in on its daily average of about 15.8 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
