BUZZ-Robinhood hits 3-yr high after Morgan Stanley upgrades to 'overweight'

Reuters00:14
BUZZ-<a href="https://laohu8.com/S/HOOD">Robinhood</a> hits 3-yr high after <a href="https://laohu8.com/S/MSPQL">Morgan Stanley</a> upgrades to 'overweight'

** Shares of retail trading platform Robinhood HOOD.O jump as much as 8.4%; last up 5.1% at $38.53

** Stock trading at its highest since October 2021

** Morgan Stanley upgrades HOOD to "overweight" from "equal-weight"; raises PT to $55 from $24, a 50% upside to stock's last close

** Brokerage says HOOD is among the biggest beneficiaries of the election results in its coverage as potential deregulation enables it to participate more aggressively in crypto

** Post-election "animal spirits" associated with deregulation as well as deal-making and eventually IPO market recovery likely to bolster retail trading environment into 2025 - Morgan Stanley

** Brokerage believes that HOOD's revenue growth looks stronger post-election

** Nine of 17 brokerages rate the stock "buy" or higher, seven "hold" and one "sell"; their median PT is $27 - LSEG data

** As of last close, HOOD shares more than doubled YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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