Investing.com -- Mizuho (NYSE:MFG) raised its price target on Robinhood Markets Inc (NASDAQ:HOOD) to $65 from $60 on strong user interest in potential sports betting offerings, improved estimates based on updated payment-for-order-flow data and crypto trading strength.
“While the offering may be in limbo for now, our survey shows that most of HOOD users surveyed already utilize mobile sports betting services, and, the vast majority of surveyed HOOD users indicated interest in using HOOD for sports betting,” analyst said.
A Mizuho survey of 107 Robinhood users found that two-thirds already use mobile sports betting platforms like DraftKings (NASDAQ:DKNG) or FanDuel, while 78% expressed interest in placing bets through Robinhood if the service became available.
Robinhood briefly introduced sports event contracts ahead of the Super Bowl but retracted the feature following regulatory feedback from the Commodity Futures Trading Commission.
Despite regulatory uncertainty, Mizuho sees the potential for sports betting as a long-term opportunity for Robinhood’s platform expansion.
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