Robinhood Downgraded by Citi on Bitcoin Risks Despite Higher Price Target
- Robinhood stock downgraded to sell from neutral by Citi, but price target raised to $16 from $13
- Stock price has 44% YTD gain, largely tied to surging bitcoin prices
- Citi says valuation disconnected from fundamentals; risk from bitcoin pullback
- Average rating a hold with $18.34 price target
- Bitcoin up 4.4% to around $70,700, but off March 14 record high of $73,798
