Robinhood Markets (NASDAQ: HOOD) stock shot higher Friday afternoon after BofA Securities analyst Craig Siegenthaler double-upgraded the stock from "underperform" to "buy" and added another $10 to his previous $14 price target.

As of 12:30 p.m. ET, Robinhood stock is up 12%.

Bank of America initiated coverage of Robinhood stock shortly after its 2021 initial public offering (IPO), at a time when retail engagement was peaking -- and about to fall. Business hit a nadir in 2023, but since then, Siegenthaler says Robinhood has enjoyed a remarkable turnaround, with growth accelerating, user engagement increasing, costs being cut, and operating leverage taking hold.

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Source Fool.com