Robinhood Markets could see more upside, particularly as one of its latest cryptocurrency-related ventures takes off, according to Deutsche Bank. The bank has a buy rating on Robinhood. It raised its price target on shares to $136 from $115, implying 9% upside from Thursday's close. "We are raising our EPS estimates and our price target for Robinhood (HOOD-Buy) to reflect the recent acceleration in Robinhood Chain fee revenue," analyst Brian Bedell said in a note. "The recent momentum is tracking significantly ahead of our prior forecasts, though we caution that visibility into its durability remains limited for now." Launched earlier this year, Robinhood Chain is a blockchain that supports the buying and selling of cryptocurrencies. Robinhood earns fees from trades that occur on the network. HOOD YTD mountain HOOD year to date The revenue from those fees has begun to exceed expectations from Deutsche Bank, making the bank even more bullish on Robinhood, per an analyst note. "Based on observable data from DeFiLlama, we note that daily chain revenue remained below a roughly $200k run rate through mid-August, before rising sharply to nearly $500k on August 29, then to nearly $1mn on August 30, $1.92mn on August 31, $3.38mn on September 1, and $4.01mn on September 2 (hence, totaling $10.8mn over the last 5 days alone or ~$5.4mn of fee revenue to HOOD, versus our prior total 3Q estimate of $4.6mn)," Bedell wrote. Deutsche Bank's call falls into line with consensus on the Street. Of the 29 analysts covering Robinhood, 24 have a buy or strong buy rating on the stock, LSEG data shows. Shares are up 41% over the past three months. The stock has also rallied 20% this week as traders grew bullish on the company's prediction markets efforts.