Wolfe Research upgraded Robinhood Markets to Outperform from Peer Perform with a $29 price target after meeting with the company’s CFO Jason Warnick. The firm came away “more convicted” in the strength and durability of Robinhood’s earnings growth algorithm and its 2026 GAAP earnings estimate is 70% above consensus. Wolfe sees a “durable” 30% GAAP earnings growth algorithm for Robinhood, supported by 20% net deposit growth, 5% account growth, significant operating leverage and strong free cash flow generation. Street estimates “are much too low,” the analyst tells investors in a research note.
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