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Fly News Breaks for January 10, 2020
NDAQ, MKTX, CBOE, ICE, CME
Jan 10, 2020 | 07:21 EDT
Jefferies analyst Daniel Fannon lowered his EPS estimates for the Brokers, Asset Managers and Exchanges group by 2% on average heading into Q4 earnings, stating that volumes were "generally subdued" and this lead to downward revisions for nearly all volume-driven products. Overall fundamentals remain generally positive and year-over-year comparisons improve in the first half, said Fannon, who names CME Group (CME) and IntercontinentalExchange (ICE) as his favorite ideas among the Exchanges. He lowered his price target on CME shares to $236 from $242 and raised his price target on IntercontinentalExchange to $109 from $108 while keeping Buy ratings on both stocks. He also raised his price target on CBOE (CBOE) shares to $115 from $112, raised his target for MarketAxess (MKTX) to $360 from $342 and bumped up his Nasdaq (NDAQ) target to $101 from $100, though he keeps Hold ratings on those three stocks.