Robinhood Markets (HOOD) shares advanced Wednesday after Deutsche Bank called the online trading platform a "good buying opportunity" after the stock's recent selloff.

Deutsche Bank analyst Brian Bedell wrote Robinhood's performance in February showed "promising signs, with continued strong momentum in trading volumes across equities and options." Bedell added that the month brought "robust traction" for new products activity, a faster sales ramp-up in futures, along with strong deposits and growth in margin balances.

Bedell affirmed the bank's "buy" rating, although he lowered the price target to $61 from $75 "on lower estimates and a modestly lower valuation assessment." However, he advised clients that with the stock price down 42% from recent highs, it was an excellent time to pick up shares, since "we see ~60% upside over the next 12 months to our revised price target."

Shares of Robinhood Markets, which were up about 2% Wednesday morning, have gained about 125% over the past year.