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Fly News Breaks for February 28, 2020
CBOE
Feb 28, 2020 | 06:10 EDT
BofA analyst Michael Carrier upgraded Cboe Global Markets to Neutral from Underperform with a price target of $125, up from $110. The analyst cites the higher than expected trading volumes driven by the near-term macro uncertainty and believes that the company's higher earnings outlook, along with the defensive nature of its sector, will support a multiple expansion. Carrier adds that his upgrade assumes a forward earnings multiple of 26-times, up from 22-times, given his higher revenue and earnings growth outlook.
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