Barclays analyst Kenneth Hill downgraded CBOE Holdings to Underweight and lowered his price target to $59 from $61 on shares. Hill said CBOE is trading at a premium as investors expects a dramatic pickup in volatility. The analyst expects a smooth initial period of rate increases and is not expecting a lift in volatility, making a relative lackluster trading environment more likely for the fist half of 2016. Additionally, Hill said the COBE has seen a drop in multi-listed options contracts coming out of Q3 and has been slower to address the market share declines.

BofA raised the firm's price target on Cboe Global Markets (CBOE) to $204 from $200 and keeps a Buy rating on the shares. The firm is making minor adjustments to earnings estimates to embed company disclosures released after BofA's Q1 Exchange earnings preview from earlier this month, which results in small upward earnings revisions for Cboe and Tradeweb Markets (TW), the analyst tells investors.