Oppenheimer analyst Owen Lau lowered the firm’s price target on Cboe Global Markets (CBOE) to $232 from $237 and keeps an Outperform rating on the shares following solid Q3 results. The firm notes there was no major hiccup in the results and organic total net revenue guidance was raised. But the stock was down 1.8%. Oppenheimer believes the drop was attributable to the narrative that the company’s increased investments will lead to margin contraction and soft Oct volume. The firm is not too concerned about this and considers the pullback a buying opportunity.
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