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Mizuho 'impressed' by Robinhood following recent meetings

Published 03/07/2024, 07:46 AM
Updated 03/07/2024, 07:49 AM
Mizuho 'impressed' by Robinhood (HOOD) following recent meetings

After meetings between Mizuho analysts, Robinhood's (NASDAQ:HOOD) CEO and co-founder Vlad Tenev, and CFO Jason Warnick, the firm said in a note Thursday that the company's tone was upbeat. They maintained a Buy rating and a $17 price target on the stock.

Mizuho stated they were impressed by some of the company's recent achievements, with the online stock brokerage's app being the third most downloaded financial app on the Apple App Store.

In addition, they noted that Robinhood Gold is driving "significant success," with HOOD moving upmarket and gaining share from incumbents.

"International expansion is progressing nicely, with a possible Asia launch in the future," added Mizuho. "Management is focused on driving efficiencies with AI while maintaining strong cost discipline."

Furthermore, Mizuho highlighted the bitcoin rally, saying that HOOD offers BTC at lower fees and offers the ETF, which they view as a competitive advantage.

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