StoneX Assigns Robinhood a Buy Rating with a $170 Target Price

ChainCatcher report: StoneX analyst Mark Palmer initiated coverage of Robinhood with a Buy rating and a $170 price target, implying approximately a 45% upside from Tuesday’s closing price of $117.34. Palmer noted that Robinhood is expanding beyond retail trading services by acquiring exchanges and blockchain infrastructure with software-like margins. Robinhood Chain launched on mainnet on July 1, and in the past 24 hours, its gas fee revenue exceeded that of all other Ethereum Layer 2s combined. As of September 3, the chain generated daily fee revenue of approximately $4.59 million, with an annualized revenue nearing $390 million as of August 29. StoneX forecasts that Robinhood Chain could generate $980 million in revenue by fiscal year 2029, with an 85% profit margin. In the prediction markets, Robinhood traded 13.6 billion event contracts in Q2, exceeding 5 billion during the World Cup alone, generating approximately $156 million in revenue—a 50% sequential increase. On Tuesday, Robinhood announced partnerships with Crypto.com and OG.com, taking equity stakes in both companies and routing a portion of its event contracts through OG.com. Previously, Bernstein analysts also maintained a Outperform rating on Robinhood with a $160 price target.