Robinhood’s (HOOD) strong second-quarter earnings Wednesday evening have prompted Wall Street to raise its expectations for the stock, but the modest boosts suggest the group believes much upside has been priced in.

Shares are trading slightly higher Thursday morning at $106.50.

Citi, which lifted its price target to $120 from $100, continued with a neutral rating on the stock. Even after revising his earnings estimate sharply higher, analyst Christopher Allen warns that much of Robinhood’s future growth is already priced into the stock, which has nearly tripled from its mid-April low and is higher by a whopping 420% year-over-year.

Also rating HOOD neutral, JPMorgan analyst Kenneth Worthington boosted his December 2026 price target to $104 from $98, citing a “nearly perfect operating environment with meaningful volatility, robust retail engagement, and historically elevated rates as both its trading and rate-sensitive segments performed well.” The firm’s acquisition of crypto exchange Bitstamp helped Robinhood post $160 million in crypto revenue — about 16% of its total — fueled by $6.7 billion in notional trading volume from Bitstamp.

Keefe, Bruyette & Woods — also neutral — raised its target to $106 from $89, emphasizing gains in securities lending and a rebound in crypto trading, particularly from Bitstamp. The firm also revised its EPS estimates upward for the next three years, citing increasing user engagement and improved margins.

Cantor Fitzgerald’s Brett Knoblauch — alone among this group with a buy rating on HOOD — raised his price target from $100 to $118, suggesting a modest 10% upside from current levels. His team is now valuing Robinhood at 40x 2026 EV/EBITDA and Knoblauch believes the company has room for even more growth in crypto, options, and margin interest revenue. He pointed to strong momentum across new products such as Robinhood Strategies, crypto staking, and the soon-to-launch Robinhood Banking service.

What does this mean for Coinbase’s earnings later today?

Robinhood’s crypto revenue was bolstered by the addition of Bitstamp’s institutional flow, but it also benefited from retail traders returning to the market. If Coinbase reports similar activity — especially from retail — it could signal a broader resurgence in crypto engagement. Coinbase’s business is more heavily reliant on crypto and institutional activity, so Robinhood’s strong results may foreshadow a beat if those same trends played out on Coinbase’s platform.

However, Coinbase lacks Robinhood’s diversification into interest income and securities lending, which insulated Robinhood from volatility in crypto markets last year. That puts more pressure on Coinbase to show that crypto trading volumes alone can drive earnings growth. Investors will be watching closely.

FactSet projects COIN will report $1.59 billion in revenue and $1.25 in earnings per share for the second quarter, both up from the same period last year. Shares are up 1.6% today, trading at $383.56 a piece.