PT ↑ $150 (from $124) | Current $109.16 (Upside ~37%)
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• Morgan Stanley sees Robinhood’s broader product suite improving economics across its existing 28M customers through higher assets, activity and monetization per user
• Wealth products support greater wallet consolidation, while active trading and prediction markets increase engagement and create opportunities to capture more economics internally
• Robinhood now has 13 business lines generating $100M+ in annualized revenue, with retirement, banking, credit card, advisory and prediction markets providing additional growth vectors