Intercontinental Exchange on Dec. 30 announced that long-time board member Jean-Marc Forneri. Forneri passed away on Dec. 28.
Fournier had been a director of the data service provider for commodity and financial markets since 2002. He also served on the Board’s Nominating and Corporate Governance Committee and its Risk Committee. Following Forneri’s passing, the Board is presently comprised of 13 members.
“Jean-Marc was both a witness to, and participant in, the full span of our history, providing pivotal advice and leadership during his long service to our shareholders. We extend our sincere condolences to Jean-Marc’s family at this difficult time,” said Intercontinental Exchange (ICE) CEO Jeffrey C. Sprecher.
On Dec. 22, Compass Point analyst Christopher Allen raised the price target on the stock to $125 from $110 and reiterated a Buy rating. The new price target implies 10.5% upside potential.
The rating was provided after he adjusted his estimates to reflect new segment information and a “slightly more conservative” view on its expenses.
Allen likes Intercontinental Exchange’s long-term story given structural growth opportunities in the mortgage segment and what he saw as its strong competitive in its exchange businesses. (See ICE stock analysis on TipRanks)
From the rest of the Street, the stock scores an analyst consensus of a Strong Buy based on 8 Buys and 2 Holds. The average analyst price target of $127.43 implies upside potential of 12.6% to current levels. Shares have gained 22.3% on a year-to-date basis.
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