Robinhood 'insulated from SEC crypto debacle,' future prospects are upbeat

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Robinhood 'insulated from SEC crypto debacle,' future prospects are upbeat - Mizuho Securities

Published Jun 08, 2023 22:06

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Robinhood 'insulated from SEC crypto debacle,' future prospects are upbeat - Mizuho Securities

COIN

+7.66%

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HOOD

+2.18%

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ADA/USD

+27.56%

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MATIC...

+6.12%

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SOL/USD

+7.41%

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Mizuho Securities analysts, following a recent meeting with Robinhood's (NASDAQ:HOOD) management, reiterate a Buy rating and $14 price target on the online brokerage company in light of the SEC's recent crypto crackdowns on Coinbase (NASDAQ:COIN) and Binance.

After talking to Vlad Tenev, HOOD's CEO & co-Founder, during a recent NYC group meet, the analysts believe "HOOD should be largely insulated to the recent SEC crypto debacle since only ~2% of crypto assets under custody (AUC) - or <1% of total AUC - include potentially controversial tokens like Polygon, Solana, or Cardano."

In the meeting, the management also reiterated its intent "to pursue opportunistic M&A and buybacks and expand internationally," and plans to "launch in the UK by the end of the year."

Furthermore, the management highlighted its longer-term plan "to develop AI advisory that democratizes wealth-management by bringing high-end financial services to main street," outlining a new potential growth direction.

Overall, Mizuho analysts remain "upbeat about HOOD's future prospects," as they reiterate a Buy rating and a $14 price target.

Shares of HOOD closed at $9.39 yesterday, and are up over 16% YTD.

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Robinhood 'insulated from SEC crypto debacle,' future prospects are upbeat - Mizuho Securities

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