Goldman Sachs Group analyst Will Nance covers Robinhood (HOOD.US) for the first time, with a "neutral" rating, with a target price of $56.
Nance told investors in a research note that Robinhood demonstrated its ability to reach a large number of users in an "innovative and cheap" way and created a strong brand. However, regulatory scrutiny of order flow payments (PFOF) could affect share prices, with retail participation likely to return to normal after reaching an all-time high during the outbreak, the analyst said.
