Goldman Sachs: HOOD Crypto Volume Beats Consensus by 87%, Target Price Raised to $145

Goldman Sachs' September 28, 2026 research report noted that HOOD's September crypto trading volume rose 21% month-over-month to $21.9 billion, exceeding market consensus by 87%; event contract volume rose 37% month-over-month, exceeding consensus by 36%. Stock and options volume saw slight month-over-month declines but still exceeded consensus by 17% and 43%, respectively.

Goldman Sachs raised its 2026-2028 net revenue forecasts by 1%, 4%, and 4%, respectively, with adjusted EPS estimates changing by -1%, +4%, and +3%. Goldman believes a steeper rate curve is the second driver for revenue upgrades. The market's forward rate curve implies about 3.5 more rate hikes to the federal funds rate by end-2027 than prior models, supporting net interest income. The target price was raised from $144 to $145, maintaining a Buy rating, with the current share price of $116.46 implying 24.5% upside.

[TechFlow]