Robinhood stock price forecast: Bank of America sees upside to $24

Robinhood Markets Inc (NASDAQ: HOOD) is flying high on Friday after a Bank of America analyst issued a super bullish note in its favour.

Robinhood stock could gain another 22%

Craig Siegenthaler doubled upgraded the financial technology company this morning to “buy” and said its shares could climb to $24 which suggests another 22% upside from here.

The analyst is positive on Robinhood stock as he expects retail activity to remain strong moving forward. His research note reads:

The bullish call arrives only days after $HOOD reported record earnings for its first financial quarter.

Why else is he bullish on $HOOD?

Craig Siegenthaler is convinced that a continued increase in retail engagement result in up to 44% organic growth at Robinhood Markets Inc.

He’s constructive on the Nasdaq-listed firm as the macroeconomic setup at present is “almost the complete opposite of 2021 which was when we initiated $HOOD at underperform”.

Retail activity related benefit to margin loan utilization and payment for order flow at large may be a material benefit for Robinhood stock moving forward, the Bank of America analyst told clients on Friday.

Note that the financial services company now has 23.9 million funded customers and roughly $130 billion in assets under custody. $HOOD does not, however, pay a dividend at writing.