[StoneX Assigns 'Buy' Rating to Robinhood with a Target Price of $170] BlockBeats News, September 9 — StoneX Financial (the brokerage and equity research arm of StoneX Group) has initiated coverage on Robinhood with a 'Buy' rating and set a target price of $170, approximately 45% higher than Robinhood's closing price of $117.34 on Tuesday. StoneX analyst Mark Palmer stated that nearly all of the company's operational metrics are accelerating in growth. The StoneX equity research team currently covers over 350 companies. StoneX believes that Robinhood Chain and its prediction market business will serve as new growth drivers for the company. As of September 3, Robinhood Chain's daily transaction fee revenue was approximately $4.59 million. StoneX projects that by the fiscal year 2029, this could generate around $980 million in revenue with a profit margin of 85%. Additionally, Robinhood's prediction market traded a total of 13.6 billion event contracts in the second quarter, generating approximately $156 million in related revenue, a quarter-over-quarter increase of 50%. [Original Link]