Robinhood gets a double upgrade from Bank of America

Robinhood (HOOD) shares are trading higher after the company received a double upgrade from Bank of America. Robinhood now has a Buy rating after previously having an Underperform rating. Bank of America has set a $24 price target, up from $14.

The analysts behind the call point to increasing retail engagement, accelerating organic growth, and large expense reductions as catalysts for the company. Robinhood also reported major cryptocurrency gains in its latest earnings report.

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