Following an optimistic endorsement from a reputable financial research firm, shares of Robinhood Markets, Inc. (NASDAQ: HOOD) are experiencing an upward trajectory on the US stock charts today. As of the latest pre-market session check, HOOD stock has surged by 5.08%, reaching a trading price of $18.81.
Recommendation Upgrade And Price Target Increase
Bank of America (BofA) has raised its buy rating on Robinhood (HOOD) shares from “underperform.” Furthermore, BofA increased its $14 12-month price target to $24. This improved recommendation comes after Robinhood recently unveiled new features aimed at improving the user experience for European customers.
These enhancements include staking, localized applications, cryptocurrency rewards for new users, and updated Learn & Earn modules aimed at increasing accessibility and improving user experience.
Expansion And New Features In Europe
Robinhood’s latest announcements reflect a significant stride in its mission to provide a tailored in-app experience that addresses the specific needs of its European customers. Since its launch late last year, European users have expressed a clear desire for an app that offers local language support and products that facilitate earning additional passive income.
In response, Robinhood has introduced its inaugural crypto-staking product, available exclusively to its European clientele. Users of Robinhood Crypto may now receive incentives by staking their Solana (SOL) holdings through the app, with the option to unstake at any moment.
Furthermore, new customers can receive a 10% bonus on their net purchases within their first 30 days on the platform, paid in USDC. This initiative aims to attract new users and enhance their cryptocurrency investment experience. The Robinhood Crypto app will soon be available in local languages, starting with Italian, Polish, and Lithuania, to better serve its European consumers.
This localization effort will allow customers to access the app in their native languages, thereby providing them with greater confidence and comfort as they conduct investment research and execute trades.