Morgan Stanley just handed Robinhood its biggest Wall Street endorsement in months, upgrading the stock to Overweight and slapping a $150 price target on it. The kicker: crypto trading volumes barely factored into the thesis.
The upgrade, issued on September 1, represents a potential 43% upside from Robinhood’s Monday closing price of $105. Analyst Michael J. Cyprys led the call, bumping the target from $124 to $150.
The non-crypto growth engine
Revenue from prediction markets and event contracts hit $156 million in Q2 2026. To appreciate how fast that business is growing, consider that the same category generated just $10 million a year earlier. That’s a roughly 15x increase with fewer than 2 million users participating.
Morgan Stanley’s earnings-per-share forecasts project EPS growth of 12%, 14%, and 15% over the next three years. The platform’s user base now sits at around 28 million, and the company has been expanding its product offerings to include retirement accounts, credit cards, and a derivatives trading platform.
