Keefe Bruyette analyst Kyle Voigt keeps a Market Perform rating on Robinhood (HOOD) with a $24 price target after the company announced a $300M acquisition of TradePMR, a custodial and portfolio management platform for registered investment advisors. The acquisition, while likely immaterial from a financial or accretion perspective near-term, helps to fill one vertical of Robinhood’s advice solutions spectrum, the analyst tells investors in a research note. The deal will allow the company to provide referrals into TradePMR’s network, Keefe adds.
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