Michael Cyprys, an analyst from Morgan Stanley, maintained the Buy rating on Marketaxess Holdings. The associated price target remains the same with $253.00.
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Michael Cyprys’s rating is based on a combination of factors that highlight MarketAxess Holdings’ performance and potential. The company reported a 3% year-over-year increase in total credit average daily volume (ADV) for the third quarter of 2025, which exceeded Morgan Stanley’s estimates by 4%, although it was slightly below consensus expectations. Additionally, the preliminary fees per million for the same quarter suggest a 4% increase in variable revenues compared to Morgan Stanley’s estimates, indicating potential earnings per share upside.
Despite a decline in market share for U.S. investment-grade and high-yield volumes, MarketAxess showed strength in other areas, such as emerging markets and eurobonds, with significant year-over-year growth in block trading ADV. The company’s high incremental margin on revenues also supports the positive outlook. These factors, combined with the company’s strategic initiatives and market positioning, contribute to the Buy rating assigned by Michael Cyprys.
Cyprys covers the Financial sector, focusing on stocks such as Marketaxess Holdings, Charles Schwab, and Robinhood. According to TipRanks, Cyprys has an average return of 3.9% and a 51.81% success rate on recommended stocks.
In another report released yesterday, Citi also maintained a Buy rating on the stock with a $200.00 price target.