.Citi downgrades RobinhoodApp to neutral from buy with a lowered price target of $10. Sees fallout from the collapse of FTX_Official. By willcanny99
Robinhood Markets faces potential headline risk from imminent SEC market structure proposals, a cautious stock market outlook and potential fallout from theThe bank downgraded its rating on the stock to neutral from buy and cut its price target to $10 from $11. Robinhood shares rose 0.2% to $9.58 in premarket trading. The stock has fallen around 40% this year.
The collapse of FTX and the resulting fallout has a number of potential implications for Robinhood, the report said. These include the potential liquidation of 56.3 million shares owned by FTX founder Sam Bankman-Fried, the removal of FTX as a potential acquirer, and lower crypto trading revenue due to the “substantial price declines and material deterioration in investor confidence.
Citi expects Robinhood’s trading revenue to drop over 50% next year after a more than 50% decline in 2022.Read more:Read more about
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