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Citi Downgrades Robinhood, Says FTX Fallout Will Weigh on Crypto Trading Revenue

Robinhood Markets (HOOD) faces potential headline risk from imminent SEC market structure proposals, a cautious stock market outlook and potential fallout from the FTX collapse hitting crypto trading revenue, Citi (C) said in a research report Tuesday.

The bank downgraded its rating on the stock to neutral from buy and cut its price target to $10 from $11. Robinhood shares rose 0.2% to $9.58 in premarket trading. The stock has fallen around 40% this year.

(By Will Canny)

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FTX Token FTX Token $2.42
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