Morgan Stanley and Barclays have raised their Robinhood price targets to $124 and $122, respectively, even as HOOD has fallen more than 5% toward key support near $109.

Morgan Stanley reiterated its buy rating on Robinhood Markets on July 10 and lifted its target from $95 to $124, an increase of more than 30%. The new target sits above the stock’s recent peak near $120 and implies room for another advance from current levels.

Barclays analyst Benjamin Budish also kept a buy recommendation on Robinhood while raising the firm’s target to $122 from $82. According to Barclays, Robinhood’s trading activity and platform momentum remain strong as the company expands beyond its retail brokerage business.

The two upgrades followed higher targets from Goldman Sachs, Mizuho, and BTIG, which placed their 12-month forecasts between $121 and $130. Taken together, those calls show that several Wall Street firms expect Robinhood’s recent product growth to support further gains, although Friday’s price action showed investors were still willing to lock in profits.

Analyst targets keep the bullish case intact

Robinhood shares had risen almost 40% over the past month and about 80% over the past few months before the latest pullback. The stock closed Thursday at $115.11, up 1.39%, while trading volume remained below its average of roughly 32 million shares.

Premarket trading initially pushed HOOD more than 3% higher and pointed to an opening above $118.50. Once regular trading began, however, Yahoo Finance data showed the stock falling to about $110.17, down 4.29%, after briefly trading near the $118-$119 area.

The intraday chart showed a sharp break below $115 shortly after the opening bell, followed by a short rebound toward $113. Sellers then regained control and pushed the stock back toward $110, leaving the analyst upgrades unable to prevent an immediate sell-off.

Robinhood’s recent gains have also followed several company developments. The firm has introduced Robinhood Chain, a Layer-2 network focused on real-world assets, decentralized finance, and meme coins, while also announcing a partnership tied to Trump Accounts.

Notably, Robinhood Chain surpassed Hyperliquid in 24-hour decentralized exchange volume and reached $100 million in total value locked within days. CEO Vlad Tenev’s comments about waived gas fees and meme-coin activity added to interest around the network.

HOOD tests support after rejecting $120

The daily chart from TradingView showed HOOD was trading near $109.08, down 5.24%, after the stock failed to hold its recent move toward $120.03. The same chart showed the price testing the 78.6% Fibonacci retracement at $109.33, making the $109-$110 area an important support zone.

Should that level fail, the setup identified the next retracement levels at $100.93, $95.03, and $89.13. On the upside, the recent high near $120.03 remains the main resistance area and the level HOOD would need to clear for another breakout attempt.

Momentum indicators on the chart remained mixed rather than fully bearish. The daily RSI stood near 58, below its recent highs but still above neutral, while the MACD stayed above zero as its histogram weakened.

Based on the chart structure, the stock’s rise from the May low near $70 remains intact unless the current decline breaks several support levels. Wall Street’s higher targets continue to support the long-term growth case, but Friday’s reversal shows that HOOD may need to stabilize near $109 before buyers attempt another move toward $120.