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

Morgan Stanley has raised its price target on Robinhood (HOOD) to $150 from $124, a level that implies roughly 43% upside from the stock’s most recent price. What makes the call notable is that the bullish outlook is built without relying on a resurgence in crypto trading, which has historically been a significant revenue driver for the online brokerage.

The revised target suggests Morgan Stanley sees value in the company’s core brokerage operations — particularly equities and options trading — as well as in areas that can generate steadier growth. For investors, this shifts the focus toward Robinhood’s ability to deepen customer engagement and expand its product ecosystem, rather than depending on the volatile swings of digital asset volumes.

From a market perspective, the upgrade adds to the broader narrative that retail trading platforms are maturing into more diversified financial services firms. The key variable to watch is whether user activity and client assets continue to grow outside of crypto spikes, and how regulatory or competitive pressures may shape fee-based revenue down the line.