Argus downgraded Cboe Global Markets to Hold from Buy. The stock price has exceeded the firm’s prior target following its recent run-up, while the Q3 earnings were well above consensus estimates and the management expects organic net revenue to grow 7%-9% in 2023, the analyst tells investors in a research note. Argus adds that CBOE should continue to benefit from market volatility in its proprietary VIX index, and from its ability to provide greater price transparency in options trading, though at its current levels, the stock is “fully valued”.
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