Goldman, Barclays, Jefferies Cut Robinhood Targets Despite Earnings Beat

What Happened

Goldman Sachs moved to $118. Jefferies went to $127. Barclays cut deepest, to $105.

The round trip is what stands out. Jefferies lifted its target from $94 to $137 on July 8. Goldman reached $137 in mid-July. Both unwound that optimism within a month.

Not everyone retreated. Piper Sandler held $135 and BTIG reiterated $125. Bernstein’s $160, set July 20, still leads the 28 analysts covering the stock.

Market Context

Goldman Sachs, Barclays, and Jefferies cut their Robinhood Markets (HOOD) price targets on Thursday, one evening after the Nasdaq-listed brokerage beat second-quarter revenue and profit estimates. Goldman and Jefferies had each raised their targets to $137 earlier in July.

All three firms kept bullish ratings. Their reversal is about timing, not execution. Analysts now expect Robinhood’s existing trading business, rather than its newer products, to carry growth into 2027.

Why Did Analysts Cut Robinhood Price Targets After an Earnings Beat?

Robinhood’s HOOD stock fell almost 2% at market open, and was trading for $88.06 as of this time.

That line now supplies 8% of net revenues, down from 16%. The 10-Q blames weaker market-maker rebate rates and 16% fewer users placing crypto trades.

With the consensus target near $122 and the stock under $90, the question is whether prediction markets and tokenized assets scale before that spread closes on its own.

Why It Matters

Robinhood beat and still could not hold a bid. That pattern is established, not new.

Barclays framed the ceiling plainly. It expects existing businesses to drive near-term growth, arguing newer bets need years before they move the revenue base.

Earnings quality is thinner than the headline suggests. Roughly $0.14 of that EPS came from one-off gains, mostly the deconsolidation of Robinhood Ventures Fund I.

Details

Why It Matters for HOOD Stock

In November 2025, Robinhood beat on both lines and fell 10.8% the next session. HOOD traded near $89.67 on Thursday morning, about 42% below its October 2025 record.

What Robinhood’s Q2 Filing Actually Shows

Revenue rose 32% to a record $1.31 billion, per the company’s filing. Diluted earnings reached $0.62 per share, up 48%. Adjusted EBITDA hit $741 million.

Crypto remains the soft spot. Robinhood’s crypto revenue beat consensus at $100 million, yet fell 38% from $160 million a year earlier.

What to Watch Over the Next 30 Days

July net new assets are tracking toward $4 billion, soft after a strong June.

Costs are the offset. Robinhood cut 10% of staff in June and lowered full-year 2026 expense guidance to a range of $2.675 billion to $2.775 billion.

Robinhood also leads tokenized stock ownership by holder count while trailing on money committed, which is the gap Barclays is pricing.

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