Citi raised the firm’s price target on Robinhood to $23 from $19 and keeps a Neutral rating on the shares as part of a Q3 preview for the brokers and asset managers. The outlook across the brokerage space has been “tilting negative “driven lower rate expectations for mostly asset sensitive plays and lingering concerns around sweep deposit pricing, the analyst tells investors in a research note. The firm cut earnings estimates by an average of 6% and 7% for the brokers in 2025 and 2026, respectively, excluding Robinhood (HOOD), which saw positive revisions. Citi sees downside risk to consensus estimates for most names, with greatest risk at Charles Schwab (SCHW). The firm continues to like LPL Financial (LPLA). Citi increased estimates for Robinhood citing strong net deposit trends and trading activity in recent periods. It is “becoming incrementally more constructive” on the name given improving fundamentals, but also sees near-term risks from the potential for lower trading activity and has longer-term questions around the sustainability of organic growth.