Robinhood’s (HOOD) Crypto Revenue Miss Tempers Solid Quarter: JPMorgan
CoinDesk
JPMorgan viewed Robinhood's Q3 results as solid but lower quality due to a crypto revenue miss, raising the price target to $130.Summary
JPMorgan characterized Robinhood’s third-quarter results as solid but lower quality, noting that the earnings per share (EPS) beat was largely driven by a lower tax rate related to stock-based compensation, rather than operational strength. The primary drag was weaker-than-expected crypto revenue, which missed both Street and JPMorgan estimates, despite strong volume growth. In response, the bank lifted its price target for HOOD shares to $130 from $122, citing expectations for improving margins and higher crypto and prediction market volumes, while maintaining a neutral rating.
(Source：CoinDesk)