CME Group price target raised to $245 from $228 at Oppenheimer

Oppenheimer raised the firm’s price target on CME Group to $245 from $228 and keeps an Outperform rating on the shares. The firm notes CME has benefited from the uncertainty on the pace of rate cuts and interest rate volatility. Initial volume of the recently launched FMX is underwhelming, and there is still debate on whether or not FMX can launch UST futures in early 2025, Oppenheimer says. These factors all have supported multiple expansion for CME recently. The firm believes further upside could come from the hedging opportunity of Treasuries issuance, pricing power, and cloud migration.