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Fly News Breaks for June 21, 2016
BATS
Jun 21, 2016 | 06:41 EDT
RBC Capital analyst Andrew Bond initiated Bats Global Markets with an Underperform and $23 price target. Bond believes Bats' above average sector valuation is unwarranted given its concentration in highly competitive businesses, as well as its reliance on consolidated tape revenue, which is primarily linked to market share and could be pressured by ever-increasing competition.
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