Cantor starts Robinhood at Overweight on ‘handful of growth vectors’

Cantor Fitzgerald initiated coverage of Robinhood (HOOD) with an Overweight rating and $69 price target The firm says Robinhood is one of the most popular financial services platforms, particularly among younger generations. No longer a “one-trick pony,” the company now “has a handful of growth vectors” that will help deliver through-cycle growth and market share gains, the analyst tells investors in a research note. With Robinhood taking share in equity and crypto, the stocks risk/reward is attractive at current levels, despite the year-to-date rally, contends Cantor. The firm believes the market is underestimating Robinhood’s potential within both equities and crypto. It sees platform expansion driving upside surprises to profitability over the medium-term, supporting a re-rate higher of the shares.