Goldman Raises Robinhood Target, Stays Bullish Despite Mixed Trading Volumes

Goldman Sachs lifted its price target on Robinhood Markets (NASDAQ:HOOD) to $91 from $82 while maintaining a Buy rating, citing continued product innovation and long-term growth prospects despite mixed June trading metrics.

Robinhood’s latest monthly data showed equity and options volumes outperforming consensus estimates, though trailing Goldman’s own forecasts, while crypto volumes fell short of both. Specifically, estimated June volumes for equities, options, and crypto were down 2%, 9%, and 30% versus Goldman’s estimates, but still came in well above the Street’s implied numbers for equities (+52%) and options (+12%), while crypto was 16% below consensus.

Despite these near-term volume headwinds—reflecting softer retail trading activity in June—Goldman remains optimistic about Robinhood’s structural growth trajectory. The company continues to roll out new products and expand internationally, setting the stage for broader market share gains.

Goldman modestly reduced its 2025 and 2026 EPS estimates by 7% and 3% respectively but kept them slightly above consensus, reflecting confidence in Robinhood’s ability to capitalize on longer-term trends in retail investing. The analysts believe the ongoing innovation and geographic expansion should underpin sustainable revenue and earnings growth, justifying the higher price target.