BofA downgraded Cboe Global Markets (CBOE) to Neutral from Buy with a price target of $227, down from $260. The firm lowered its rating citing the year-to-date outperformance of the stock, a higher relative valuation, a better ownership setup and the potential for volume decelerations in the second half. Year-to-date, the average multiple for diversified financials has declined by 13%, making Cboe 15% more expensive on a relative basis, the analyst noted.
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Read More on CBOE:
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