Four major banks raised their price targets for Robinhood Markets (HOOD) between July 2 and July 10, 2026, with the new range spanning $124 to $132. The cluster of upgrades comes ahead of the company's second-quarter earnings on July 29 and is driven by rapid adoption of Robinhood Chain, a surge in AI agent trading accounts, and the firm's first bond sale backed by credit card receivables.
The unusual concentration of target hikes from Morgan Stanley, Bank of America, Mizuho, and Compass Point within an eight-day window signals a shift in how Wall Street views the brokerage. Analysts cite on-chain metrics, new AI trading activity, and a pioneering bond offering as evidence that Robinhood is evolving beyond a simple trading platform into a broader financial ecosystem.
Price Target Hikes in Quick Succession
Mizuho analyst Dan Dolev kicked off the wave on July 2, lifting his target to $130 from $115, arguing that Robinhood could become the first global hyperscaler of online brokerages. Compass Point's Ed Engel followed with a raise to $130 from $107, forecasting an 18% beat on second-quarter EBITDA. On July 10, Bank of America boosted its target to $132 with a Buy rating, while Morgan Stanley raised to $124 but kept a Hold. Three other firms also weighed in: China Renaissance initiated at a Street-high $156.80, BTIG started at $125, and Piper Sandler reiterated $135. In total, seven banks acted within nine days.
Robinhood Chain Outpaces Ethereum in DEX Volume
The most tangible catalyst is Robinhood Chain, which launched on July 1. By July 12, its 24-hour decentralized exchange (DEX) volume had surpassed Ethereum's, ranking third among all networks. Daily volume rocketed from $0.4 million at launch to $868.8 million on July 12—a 6,752% week-over-week surge. That put the 12-day-old network at 72% of Solana's daily DEX volume. A record $877.6 million day occurred on July 10, coinciding with the Morgan Stanley and Bank of America target hikes. Over its first seven days, the chain processed $3.1 billion in DEX volume, with 65,000 users holding $13 million in tokenized stocks and $300 million in stablecoins. Meme coin Cash Cat led activity with $299 million in volume, according to Dune data.
AI Agents and Bond Sale Add Revenue Streams
Robinhood's agentic trading feature, launched May 27, has attracted over 70,000 accounts, and the company confirmed AI agents will soon trade crypto for eligible US customers. However, regulators are scrutinizing the trend: House Democrats sent the SEC 13 questions on agentic trading, warning that herding algorithms could amplify volatility. Separately, Robinhood is testing demand for a $400 million to $500 million bond backed by its credit card bills, its first such offering. The sale, managed by Barclays and Wells Fargo, reflects how the card business—boosted by a $695 platinum card launched in March—has become a significant revenue source. Bernstein analysts noted that these developments signal a convergence of tokenized real-world assets with DeFi.
Earnings as the Verdict
All eyes are on Robinhood's July 29 earnings report. If second-quarter results exceed forecasts, the Street-high $156.80 target may no longer seem optimistic. The cluster of upgrades suggests that investors are betting on a multi-pronged financial ecosystem rather than just a brokerage.