Piper Sandler Raises Robinhood Price Target Amid Crypto Bull Market Optimism

Piper Sandler analysts increased their price target for Robinhood Markets (NASDAQ:HOOD) from $30 to $36, maintaining an Overweight rating. As a result, the company’s shares rose more than 7% intra-day today.

The revision reflects bullish expectations for Robinhood’s growth potential amid the ongoing cryptocurrency market rally. The analysts noted that cryptocurrency price cycles often revolve around Bitcoin halving events, which occur roughly every four years.

Historically, the prices of Bitcoin and other cryptocurrencies have surged in the 12-18 months surrounding these events. Currently, the market is approximately six months past the most recent halving, suggesting the potential for continued price increases over the next 6-12 months.

Robinhood is expected to benefit from heightened retail engagement and increased transaction volumes as long as the crypto bull market persists. The company’s expanding crypto operations position it as a strong player in the space, complementing its well-established brokerage services in cash equities and options. Piper Sandler highlighted Robinhood as a compelling way to capitalize on the ongoing crypto rally, supported by its scalable platform and growing presence in digital asset trading.