Oppenheimer analyst Owen Lau started IntercontinentalExchange with an Outperform rating and $100 price target, saying the company is "way more than just an energy trading shop" as it runs a hybrid transaction and data strategy. The analyst expects IntercontinentalExchange to benefit from the heightened market volatility in its transaction segment as well as the secular data explosion trend in its data services segment. Lau adds that the company's "strong track record" in growing its energy business gives him confidence in its execution within the "fixed income, MERS/Simplifile and Bakkt" initiatives.