HomeMarket NewsBank of America Just Raised Its Price Target on Robinhood (HOOD) Stock

Bank of America Just Raised Its Price Target on Robinhood (HOOD) Stock

Actionable Trade Ideas

always free

HOOD Stock - Bank of America Just Raised Its Price Target on Robinhood (HOOD) Stock

Source: OpturaDesign / Shutterstock.com

Robinhood (NASDAQ:HOOD) stock is up on Friday after the financial services platform company got a new price target from Bank of America analysts.

This has the Bank of America analysts increasing their price target for HOOG stock from $14 per share to $24 per share. That represents a potential 34% upside from the stockโ€™s prior closing price. Itโ€™s also bullish next to the analystsโ€™ consensus price prediction of $19.75 per share.

In addition to this, Bank of America also have HOOD stock a double upgrade today. That saw it bump the stock up from an โ€œunderperformโ€ rating to a โ€œbuyโ€ rating. Thatโ€™s better than the analystsโ€™ consensus rating of hold based on 15 opinions.

Whatโ€™s Behind the Bull Stance on HOOD Stock?

Hereโ€™s what Bank of America analyst Craig Siegenthaler said in a note to clients obtained by CNBC.

โ€œRetail engagement peaked in 2021 and then declined significantly through the >500bps of Fed rate hikes and the 2022 bear market, troughing in 2023. However, following the emergence of a new bull market last year, we have monitored a rebound in multiple metrics at Robinhood Markets โ€ฆ and we expect this to continue through 2026.โ€

HOOD stock is up 9.7% as of Friday morning with more than 14 million shares traded. Thatโ€™s closing in on its daily average of about 15.8 million shares.

Investors will want to keep reading for more of the most recent stock market stories!

We have all of the hottest market news worth reading about on Friday! That includes what has shares of Take-Two Interactive Softwareย (NASDAQ:TTWO) stock, Redditย (NASDAQ:RDDT) stock and Spirit AeroSystemsย (NYSE:SPR) stock in the news today. All of this info is available at the links below!

More Stock Market News for Friday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to theย InvestorPlace.comย Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2024/05/bank-of-america-just-raised-its-price-target-on-robinhood-hood-stock/.

ยฉ2024 InvestorPlace Media, LLC

Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.