Rosenblatt Initiates Robinhood at Buy With $135 Target, Stock Gains 4% Ahead of Q3 Earnings

Robinhood Markets shares rose roughly 4.34% to $102.47 on Wednesday after Rosenblatt Securities initiated coverage with a Buy rating and a $135 price target, implying more than 37% upside from the stock's prior close. Rosenblatt argued that the market underappreciates Robinhood's transformation from a commission-free trading app into a full financial platform, pointing to new financial products and prediction markets as emerging growth drivers.

JPMorgan also updated its model, raising its price target on Robinhood to $115 from $103, though the bank kept a Neutral rating. The dual analyst attention lifted the stock in pre-market trading before it extended gains through the regular session, with options activity picking up noticeably as the stock appeared on lists of names with rising option volume.

The fresh coverage arrives one week before Robinhood's scheduled October 27 third-quarter earnings report. Analysts said the key metrics to watch will be trading volumes, crypto activity, and net deposits, which will indicate whether growth is broadening beyond the company's core retail brokerage base. The consensus analyst price target for Robinhood sits near $134.80, with the stock's current price implying meaningful room to run if the company delivers on that broader platform narrative.