Interactive Brokers price target lowered to $215 from $242 at Citi

Citi lowered the firm’s price target on Interactive Brokers (IBKR) to $215 from $242 and keeps a Buy rating on the shares as part of a Q1 earnings preview for the North America brokers and asset managers. Market enthusiasm and risk-on behavior “have tempered” over the course of the quarter as economic and market uncertainty has increased, resulting in increased volatility, the analyst tells investors in a research note. The firm expects the volatility to persist and expects to see a “gyrating market from here.” Citi prefers names that are exhibiting improving core growth trends and lower levels of crypto and capital markets sensitivity. For most names, it reduced earnings estimates due to market-driven and/or capital markets revisions.