Robinhood price target raised to $47 from $46 at Goldman Sachs

Goldman Sachs analyst James Yaro raised the firm’s price target on Robinhood (HOOD) to $47 from $46 and keeps a Buy rating on the shares. Robinhood has migrated successfully from a fast growing, periodically profitable online broker servicing mostly younger investors to a best-in-class top and bottom-line and asset under custody compounder with a growing total addressable market, the analyst tells investors in a research note. The firm sees near-to-medium-term growth driven by continued wallet share gains among highly-profitable active traders, and sees a long-term opportunity to expand Robinhood’s TAM into areas, such as wealth and internationally.