Credit Suisse analyst Gautam Sawant upgraded CME Group to Outperform from Neutral with an unchanged price target of $191. The analyst cites the company’s "defensive" prospects and potential to grow derivatives volumes for the upgrade. The exchanges’ sensitivity to economic conditions is a "unique revenue/earnings growth lever" due to the potential for slower economic growth, inflation ambiguity, and geopolitics to contribute to trading volume growth in 2023, Sawant tells investors in a research note. He sees more clarity on growth prospects for fixed income, commodity derivatives and index options in 2023.
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