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Fly News Breaks for November 20, 2019
TW, CBOE
Nov 20, 2019 | 05:07 EDT
Goldman Sachs analyst Alexander Blostein downgraded Cboe Global Markets (CBOE) to Neutral from Buy with an unchanged price target of $127 and removed the shares from his firm's Americas Conviction List. The analyst this morning also upgraded Tradeweb Markets (TW) to Buy from Neutral. Cboe's proprietary products volumes have been "muted," as revenues peaked in the first half of 2018 and have failed to regain ground, Blostein tells investors in a research note. The analyst sees "mixed trends" in the company's sales growth outlook capping further price-to-earnings multiple expansion. Further, with the stock approaching his $127 target, Blostein says Cboe's valuation has largely normalized, in line with historical levels.
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