Morgan Stanley sees a 43% surge for Robinhood — without help from crypto

Morgan Stanley analysts have raised their price target for Robinhood to $150 from $124, implying a potential gain of roughly 43% from current levels. Notably, this bullish outlook appears to rest on the platform's core brokerage business rather than its cryptocurrency trading segment. The move suggests the analysts see meaningful upside in areas like equities, options, and other transaction-based revenue, which have historically been subject to volatile swings.

For investors, the revised target signals growing confidence that Robinhood can diversify its earnings beyond the crypto cycle. The stock has often moved in tandem with digital asset prices, making this an important shift in narrative. The price target also reflects expectations for improved user engagement and monetization of existing customers, even as regulatory pressures on crypto remain a wildcard. What to watch is whether upcoming earnings show sustained, non-crypto trading volumes and fee growth to justify that confidence.