Piper Sandler raised its price target on Robinhood (HOOD) stock to $145. The firm's base case projects roughly 29.7 billion event contracts traded on the platform between September and December. The stock retreated despite the higher target.

Piper Sandler's volume forecast implies Robinhood's event-contract business is becoming a material driver of equity valuation, not a side experiment. Traders should watch whether the platform can hit that 29.7 billion figure and how regulators respond to the scale.