Oppenheimer raised the firm’s price target on Cboe Global Markets to $209 from $199 and keeps an Outperform rating on the shares. The firm notes Cboe reported solid Q2 results and record revenue, with adjusted EPS of $2.15 vs. its estimate of $2.11 and consensus of $2.10. The new Cboe profile is taking shape, Oppenheimer believes. Instead of relying on one 0DTE product as in the past, Cboe now sees healthy growth across several products and it continued to stabilize margins. The firm thinks a new strategic focus for management would be international expansion, such as bringing SPX and other derivative products to other countries in Asia and Europe.
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