Bernstein analyst Christian Bolu reiterated an Outperform rating on CME Group but lowered his price target to $210 following the company's Q4 results. In a research note to investors, Bolu says CME stock has underperformed YTD in sync with softer activity trends, but believes the print should help reset expectations and provide a better setup for stock price outperformance.

Reports Q1 revenue $1.49B, consensus $1.48B. "CME Group adjusted net income and earnings per share reached new records in Q1 as investors turned to our markets to manage through the ongoing economic and geopolitical uncertainty in today's marketplace," said Terry Duffy, CME Group Chairman and CEO. "Average daily volume in our U.S. Treasury futures and options grew 12% year over year, reaching a new all-time high of 7.8 million contracts per day. Additionally, ADV in our commodities markets increased 14% to 4.7 million contracts. Looking ahead, we remain committed to providing the deep liquidity and unparalleled capital efficiencies our clients rely on as they continue to navigate a wide range of risks across asset classes."