Robinhood price target raised to $60 from $45 at Citi

Citi analyst Christopher Allen raised the firm’s price target on Robinhood (HOOD) to $60 from $45 and keeps a Neutral rating on the shares. The company reported a “strong” Q4, with upside driven by both better than expected sales and spending, the analyst tells investors in a research note. The firm says Robinhood’s trends have remained strong to start the year with crypto market tailwinds and retail activity remaining strong. The company is seeing momentum “on a number of fronts,” with the launch of desktop/index options, strong deposit/retirement flow trends, and card demand, contends Citi. However, the firm prefers to wait for a more reasonable entry point into the shares.