Cboe downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Cboe Global Markets to Equal Weight from Overweight with a price target of $199, down from $211. The firm says its prior Overweight thesis has largely played. It now sees more attractive risk/reward skews elsewhere in the sector. At current levels, Cboe has less scope for upwards revisions with expectations largely baking in persistent momentum in index options and positive operating leverage, the analyst tells investors in a research note.