Deutsche Bank Raises HOOD Stock Target to $136 as Robinhood Chain Gains Traction
Highlights
- Deutsche Bank raised its HOOD price target to $136 from $115.
- The bank predicts that the stock could see more upside as the Robinhood Chain brings in more revenue.
- The HOOD stock surged over 16% yesterday as the stock got more bullish calls from analysts.
Deutsche Bank is the latest to raise its target for the HOOD stock, citing the Robinhood Chain as a bullish catalyst for the stock. This comes as the layer-2 network continues to gain traction, with several metrics on the rise, partly thanks to the retail activity on the network.
Deutsche Bank Raises HOOD Target To $136
The bank’s analysts have raised their target for the crypto stock to $136 from $115. They cited how the stock could see more upside as the Robinhood Chain brings in more revenue for the brokerage firm.
Deutsche Bank joins a host of other Wall Street giants that have raised their targets for the HOOD stock over the past week. As CoinGape reported, Morgan Stanley has raised its target for the stock to $150 from $124.
Furthermore, Scotiabank raised the HOOD stock to Outperform with a $136 price target, while Piper Sandler lifted its target to $145. The stock notably surged by double digits yesterday amid these bullish predictions, rising to as high as $125, according to TradingView data.
The Robinhood Chain has been gaining a lot of traction lately, which represents a huge positive for the stock. Much of this activity has come thanks to retail investors who have been trading memes amid renewed optimism about the start of another bull run, with Bitcoin reaching multi-month highs.
Robinhood Chain Leads In Key Metrics
The Robinhood Chain is currently leading in several key metrics, according to DeFiLlama data. The network’s Total Value Locked (TVL) has jumped almost 27% in the last seven days and now stands at $840 million. The network has also taken in the most fees ($4.59 million) over the last 24 hours.
Commenting on the bullish catalyst for the HOOD stock, market commentator, The Milk Road, noted that Robinhood Chain’s annualized 7-day revenues make it the fourth-largest business vertical across the brokerage’s 14 business lines. Notably, the network has achieved these milestones in just under two months of launch.
With a 7-day annualized revenue of $13.12 million, the Robinhood Chain revenue was larger than that of top layer-1 networks Ethereum, Solana, BNB, Avalanche, SUI, and layer-2 networks Base, Arbitrum, Optimism, and combined. Meanwhile, over a 30-day period, the Robinhood Chain is the only network that has ranked in the top four in terms of both app and chain revenues.
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