Argus Raises Robinhood Price Target to $110 on June 17, HOOD Stock Surges 14%

According to TheStreet, on June 17, Argus raised Robinhood Markets (Nasdaq: HOOD) price target from $90 to $110, citing an improving trading backdrop and lower headcount expense growth following the company's 10% workforce reduction announced on June 16. The layoff affects 290 employees, with associated costs of approximately $20 million in severance and $8 million in share-based compensation.

Following the price target hike, Robinhood stock surged 14% to an intraday high of $110.73. Cantor Fitzgerald and Needham also raised their price targets to $110 and $97 respectively last week.