.September 19, 2024 09:23 AM

Robinhood Markets (NASDAQ:HOOD) shares rose over 4% pre-market as Piper Sandler analysts raised their price target to $27 from $23, maintaining an Overweight rating.

Cryptocurrency accounted for about 16% of Robinhood’s net revenues in the first half of 2024, with the company offering a comprehensive crypto platform compared to traditional U.S. retail brokers.

Analysts believe potential U.S. crypto legislation could drive significant growth for Robinhood, estimating that an expanded crypto offering could boost earnings by 10%-12%.