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According to Mizuho Securities analyst Dan Dolev, Robinhood (NASDAQ:HOOD) has room to rise as a leader in worldwide financial services. Speaking on the Opening Bid podcast on Yahoo Finance, Dolev underlined the company's great brand recognition among the younger demographic and labeled it as "an amazing brand" with great long-term potential.
Setting a $60 price target, Dolev kept an Outperform rating on Robinhood, therefore reflecting a 50% increase from its present $39 price. Yahoo Finance figures show that the average Wall Street price objective is $44.
Originally a disruptor in the fintech market in 2013, the platform has evolved significantly. Its profitability turnaround, creative new introductions, and a 180% stock price increase this year helped Yahoo Finance to be recently voted Comeback of the Year.
During the meme stock frenzy in 2021, Robinhood attracted worldwide notoriety when retail traders invested billions in highly shorted stocks including Gamestop (NYSE:GME) and AMC (NYSE:AMC) using its platform. Dolev thinks Robinhood's solid brand and momentum point it in the direction of more expansion.
This article first appeared on GuruFocus.