StoneX initiates coverage on Robinhood with a buy rating and $170 price target

StoneX analyst Mark Palmer has initiated coverage on Robinhood with a buy rating and a price target of $170, representing a 45% upside from Tuesday's closing price. Palmer highlighted Robinhood's expansion into exchange and blockchain infrastructure, noting the strong performance of Robinhood Chain, which generated $4.59 million in daily fee revenue as of September 3. StoneX projects the chain could reach $980 million in revenue by fiscal year 2029 with an 85% profit margin.