Bank of America analyst Craig Siegenthaler lowered the price target for Robinhood (HOOD) to $122 from $147. Siegenthaler maintained a Buy rating on the shares.
The adjustment follows a broader revision of earnings per share estimates for several brokers, asset managers, and exchanges.
Robinhood shares fell 5.7% during Tuesday's trading session. Investors reacted to the reduced price target despite the bank's reiterated positive long-term outlook.