Robinhood Analyst Sees Tailwinds Following Trump’s Election Win, Shares Surge
Robinhood Markets Inc (NASDAQ:HOOD) shares are trading higher Monday. Needham upgraded the stock to Buy as the firm believes the company stands to materially benefit from Donald Trump’s election win.
What To Know: Needham analyst John Todaro upgraded Robinhood from Hold to Buy on Monday and set a price target of $40, citing tailwinds from Trump’s return to the White House primarily due to changes at the U.S. Securities and Exchange Commission.
The Needham analyst expects SEC chair Gary Gensler to resign in the coming weeks as Trump turns to a more pro-crypto chairperson. Gensler is known for his tough regulatory approach to crypto markets.
“On the back of this, we expect HOOD to significantly expand its crypto product offering and capture low-hanging fruit,” Todaro said in a note to clients.
Robinhood has historically limited its crypto offerings in an effort to avoid SEC enforcement actions, but the Needham analyst believes Robinhood will ramp up offerings to more closely compete with Coinbase Global Inc …
About The Author
