Bank of America cited rise in retail trading as the reason for the double upgrade

The stock market is in the early stages of a period of rising retail investor activity, and that could bode well for Robinhood, according to Bank of America.

Robinhood now has a Buy rating after previously having an Underperform rating. Bank of America has set a $24 price target, up from $14. Robinhood also reported major cryptocurrency gains in its latest earnings report. The analysts behind the call point to increasing retail engagement, accelerating organic growth, and large expense reductions as catalysts.