Robinhood ‘Wells Notice’ concerns likely overblown, says Mizuho

Mizuho says concerns regarding Robinhood’s (HOOD) “Wells Notice” are likely overblown. This is unlikely entirely new news, as investigative subpoenas from the SEC were previously disclosed, and crypto rebates represented just 7% of the company’s’ fiscal 2204 revenue, the analyst tells investors in a research note. The firm says that Coinbase (COIN) – where crypto overall exposure is 100% – is up nearly three-sines since receiving a Wells Notice in March 2023. Mizuho keeps a Buy rating on Robinhood with a $21 price target.