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Atlantic Equities analyst John Heagerty initiated coverage of Robinhood (HOOD) with an Overweight rating ahead of today's initial public offering.
Robinhood has delivered a four-year user annual growth rate of over 100% and this continued in Q2 with 25% growth quarter-over-quarter to 22.5M, Heagerty tells investors in a research note. The analyst believes this "superior" user growth will continue given the success of Robinhood's referral program and the "product appeal among its target demographic." His sales- and user-based multiples deliver a stock valuation of $65.
Robinhood priced today's public offering at $38 per share.
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