Morgan Stanley analyst Michael Cyprys lowered the firm’s price target on CME Group (CME) to $219 from $220 and keeps an Equal Weight 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 Global Markets (CBOE) and Tradeweb Markets (TW), the analyst tells investors in the group preview note.
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