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Fly News Breaks for June 12, 2019
MKTX
Jun 12, 2019 | 08:15 EDT
Buckingham analyst Hugh Miller downgraded MarketAxess to Underperform from Neutral, saying that while he views the company as "well managed" and thinks it is best positioned to benefit from the electronification of the corporate bond markets, he feels investor enthusiasm regarding its growth outlook has become "excessive." Miller, who maintains a $245 price target, contends that management can successfully execute on the market share front and even a reversion of industry volume growth to longer-term historical averages could weigh on the stock.
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