Mizuho raises Robinhood's target price to $99

ChainCatcher news reports that Mizuho analysts have reiterated their "Buy" rating on Robinhood (HOOD) and raised their target price from $80 to $99. Robinhood (HOOD) recently announced the launch of tokenized stock products based on Arbitrum and is building a RWA-exclusive Layer 2 network called Robinhood Chain.

Mizuho Securities analyst Dan Dolev wrote in a report to clients, "The speed of Robinhood's product rollout is astonishing." He highlighted a series of significant product launches, including tokenized U.S. stocks for European customers, crypto perpetual futures with up to 3x leverage, and staking for assets like ETH and SOL in the U.S.

The analyst also mentioned upcoming features such as a crypto rewards card, an Ethereum-based Layer 2 chain focused on the tokenization of real-world assets, and an AI investment assistant named Cortex. CEO Vlad Tenev stated that his company will also issue tokenized stocks for private companies OpenAI and SpaceX.