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

According to Chaoxiang Research, Goldman Sachs' September 28, 2026 research report indicates that HOOD's September crypto volume increased 21% month-over-month to $21.9 billion, 87% higher than market consensus; event contract volume rose 37% sequentially, outperforming consensus by 36%. Stock and options volumes saw a slight sequential decline but remained 17% and 43% above consensus, respectively. Goldman Sachs raised its net revenue forecasts for 2026 to 2028 by 1%, 4%, and 4%, respectively, while adjusting its EPS forecasts by -1%, +4%, and +3%. Goldman Sachs noted that a steeper yield curve served as the second driver behind the revenue upgrade. The market forward rate curve implies approximately 3.5 additional rate hikes to the Federal Funds Rate by the end of 2027 compared to 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 representing a 24.5% upside potential.