Cboe Global Markets price target lowered to $196 from $201 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Cboe Global Markets (CBOE) to $196 from $201 and keeps an Overweight rating on the shares. In its Q4 preview for the Brokers & Exchanges, the firm argues “it’s too early to pivot away from the exchanges given mixed macro signals,” but adds that investors should “prepare to be nimble for idiosyncratic and attractive growth opportunities.” For now, the firm continues to prefer what it sees as the “defensive and durable growth” at Cboe and Tradeweb Markets (TW), the analyst tells investors in the group preview note.