Dec 6, 05:14 PM

Goldman Sachs Upgrades Robinhood to Buy Amid Growth Plan and S&P 500 Speculation

Goldman Sachs has upgraded Robinhood Markets Inc. to a 'buy' rating from 'neutral', setting a price target of $46 per share, suggesting an 18% upside from the previous close. This upgrade comes as Robinhood outlines an ambitious growth plan, transitioning to an 'Asset Under Custody Compounder'. The brokerage's CEO, Vlad Tenev, also highlighted the increasing acceptance of Bitcoin in the financial sector during Robinhood's first Investor Day at Nasdaq. Meanwhile, speculation is rife about Robinhood and Coinbase Global Inc. potentially being included in the S&P 500 index, although the S&P 500 committee ultimately chose Apollo Global Management Inc. and Workday Inc. for inclusion. Robinhood's stock rose by 2.4% following the news.