Goldman Sachs: HOOD crypto trading volume exceeds consensus by 87%, price target raised to $145

Goldman Sachs' September 28, 2026 research report indicated that HOOD's September crypto volume increased month-over-month by 21% to $21.9 billion, 87% above market consensus; event contract volume rose 37% month-over-month, 36% above consensus. Stock and options volume declined slightly month-over-month but remained 17% and 43% above consensus respectively. Goldman Sachs raised its net revenue forecasts for 2026, 2027, and 2028 by 1%, 4%, and 4% respectively, and adjusted its earnings per share forecasts by -1%, +4%, and +3% respectively. Goldman Sachs believes a steeper yield curve is the second driver behind the revenue upgrade. The market's forward rate curve implies approximately 3.5 more rate hikes in the federal funds rate by end-2027 than previous models, supporting net interest income. The target price was raised from $144 to $145, with an unchanged Buy rating; the current stock price of $116.46 implies a 24.5% upside potential.