罗瑟尔发布后调整估值，上调目标价以反映更高估值，重申买入评级

Date5 June 2026 CompanyRobinhood Markets ReutersHOOD.OQ North AmericaUnited States FinancialExchanges and Liquidity Changing Estimates Post Rothera Launch, Brian Bedell, CFAResearch Analyst Raising PT to $98postthe launch of Rothera exchange & WonderFi deal close Erika NelsonResearch Associate+1-212-250-9986 We are making changes to our annual EPS estimatesandraising ourPT forRobinhood (HOOD-Buy)to $98 from $88 prior,following two key strategic Son NguyenResearch Associate+1-212-250-9311 First, we are adjusting our estimates for prediction market volumes and revenuefollowing the June 4th launch of Rothera, a newpredictionexchangemanagedwith Susquehannaas the key liquidity provider.In our 1Q earnings note, weexpected the Rothera launch tobe a key positive for the stock to rebound (see1Q Below Expectations, but Volumes Rebounding & Rothera Launch Coming Soon in April, and also our reportfollowing an investor meeting with Head ofPredictionMarketsKey Takeaways from Dinner w/HOOD’s JBMackenziein March).Indeed,management cited very strongMay volumes at a recent industry conference(ahead ofthe full metrics release scheduled on June 9 next week), andtoday’sRotheralaunch is strategically timed with the 2026 World Cup to drive Key changes Price target (USD)889811% Second,we are incorporating the P&L from the completed acquisition ofWonderFion June 1, which marks Robinhood's entry into the Canadian marketwithestablished,regulated crypto platforms and~300,000 new fundedcustomers.WonderFi’s LTM revenue through April 2026 was $28mn, andmanagement expectsthe deal to add ~$20mn of ongoing expenses for the restof 2026.Lastly, besides the Rothera launch and WonderFi deal close, we also notethat Robinhood users can now connect to independentFAswith the advisor EPS estimatechanges We havemadeseveralchanges to our forecasts, that overall resultina~2%increase in2026 EPS, followed bya~1% reduction in 2027,a2% increase in 2028,andamateriallyhigher EPS estimate in 2029 (11% higher vs. prior). Key changesinclude higher transaction revenue estimates inequities and options(minorchanges in crypto tradingfrom WonderFi), and while we materially raise ourrevenue forecast for prediction markets across the horizonwith much moreupside in the out years, this ismostlyoffsetin the intermediate-termby highertotal operating expenseforecasts andnon-controlling interest fromtheRotheraexchange’s joint-venture structure.Our adjusted EBITDA forecasts change as Reiterate Buy, raising PT to $98from $88onhigherP/E and2027EPS Our PT is based on where we think HOOD will trade a year from now based onour 2027 EPS estimate. For our 12-month price target, we are using a forwardP/E that is a70% premium to the S&P 500 on our 2027 EPS estimate(vs. 50%premium prior), which isatone standard deviation below its LTM relative P/E, dueto anuncertain butmoreconstructive view on growth prospects for the company.Downside risks are: 1) lower trading volumes across equities, options, crypto, andpredictionmarkets,2)any dramatic reduction in the acceptance ofcryptocurrencies in the US and/or globally, 3) much lower payment for order flow Appendix 1 Important Disclosures Prices are current as of the end of the previous trading session unless otherwise indicated andare sourced from localexchanges via Reuters, Bloomberg and other vendors. Other information is sourced from Deutsche Bank, subject For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of thisresearch, please see the most recently published company report or visit our global disclosure look-up page on ourwebsite athttps://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report, Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). Inaddition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific 5 June 2026Robinhood Markets Company Rating and Dispersion Key The above table provides a snapshot of Deutsche Bank's company research rating distribution across our coveredcompanies. We also present the percentage of companies where Deutsche Bank has provided Investment Banking Note-percentages are rounded so may not total 100%. Covered: The overall rating distribution across all companies under coverage with a rating. w/Banking relation: Percentage of companies under coverage with a rating within each of the "buy", "hold" and "sell"categories for which Deutsche Bank has provided Investment Banking Services within the previous 12 months. w/MiFID services: Percentage of companies under coverage with a rating within each of the "buy", "hold" and "sell"categories for which Deutsche Bank has provided MIFID Investment and Ancillary services within the previous 12 Buy/Hold/Sell Percentages: These percentages reflect the proportion of companies within each category that have Rating