Wall Street Analysts Unmoved by Robinhood’s Better-Than-Expected Q2

Robinhood’s Blowout Q2 Met With Tepid Analyst Response as Stock Triples Since April

Robinhood (HOOD) delivered a strong second-quarter earnings report on Wednesday, but Wall Street analysts responded with cautious optimism, raising price targets while largely holding off on rating upgrades. The stock, which has surged nearly 200% from its April lows and is up 420% year-over-year, appears to have already priced in much of its upside, according to several analysts.

HOOD shares traded modestly higher at $106.50 in early Thursday action.

Analysts Adjust Targets, But Remain on the Sidelines

Citi raised its price target from $100 to $120 but maintained a neutral rating. Analyst Christopher Allen cited sharply higher earnings estimates but warned that much of the company’s future growth potential is already reflected in the current share price.

JPMorgan analyst Kenneth Worthington, also neutral on the stock, bumped his December 2026 target to $104 from $98. He noted that Robinhood is benefiting from an “ideal operating environment,” with strong retail participation, elevated interest rates, and market volatility all boosting trading and rate-sensitive segments.

A key driver of Robinhood’s strong quarter was its recent acquisition of Bitstamp, which contributed $160 million in crypto revenue — 16% of total revenues — and $6.7 billion in notional crypto trading volume.

Keefe, Bruyette & Woods similarly lifted its price target to $106 from $89, keeping its neutral stance. The firm highlighted a rebound in securities lending and crypto trading, especially from Bitstamp, while also raising EPS forecasts for the next three years amid improving user engagement and expanding margins.

Cantor Fitzgerald Stands Out With Bullish Take

Cantor Fitzgerald’s Brett Knoblauch was the outlier, maintaining a buy rating and raising his price target to $118 from $100. He believes the stock could still see additional gains, citing strong growth in Robinhood’s crypto, options, and margin interest businesses.

Knoblauch also flagged positive momentum from recently launched products like Robinhood Strategies, crypto staking, and the upcoming Robinhood Banking platform. His team values the company at 40x expected 2026 EV/EBITDA.

Implications for Coinbase

Robinhood’s crypto strength — bolstered by Bitstamp and renewed retail trading — could offer a preview of what’s to come from Coinbase (COIN), which reports earnings later today. If Coinbase also saw increased retail and institutional activity, it may reflect a broader rebound in crypto trading.

Still, unlike Robinhood, Coinbase lacks significant diversification across interest income and securities lending, leaving it more exposed to pure crypto volume trends. Investors will be watching closely to see if Coinbase can match or exceed expectations without the same insulation Robinhood enjoys.

FactSet expects Coinbase to report Q2 revenue of $1.59 billion and earnings per share of $1.25. COIN shares were up 1.6% Thursday morning at $383.56.