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The case for Robinhood, as Morgan Stanley now frames it, comes with an unusual construction: a 43% projected surge the analysts say does not require crypto to materialize.
The bank lifted its price target for the online trading platform provider from $124 to $150. The qualifier, more than the number, is where the analytical tension lives.
A $150 target stripped of crypto assumptions is either conservative modeling or a real argument that the platform's other segments carry enough weight on their own.
The read-through from Morgan Stanley's revised call is that Robinhood's upside does not depend on a revival in retail digital asset appetite. That framing reduces one variable.
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