Raymond James analyst Patrick O’Shaughnessy downgraded IntercontinentalExchange (ICE) to Outperform from Strong Buy with an unchanged price target of $185. The firm says Intercontinental Exchange and Nasdaq (NDAQ), which was upgraded to Outperform, have grown increasingly similar over time, and while IntercontinentalExchange has a “far superior” trading franchise, and boasts a higher operating margin, the firms’ revenue and EPS growth profiles, business composition, balance sheet leverage, and returns on invested capital have become remarkably similar, the analyst tells investors in a research note. Raymond James is tempering its optimism for a cyclical recovery in IntercontinentalExchange’s mortgage technology business in 2025 as mortgage rates have moved sharply higher in recent weeks, and is therefore “harmonizing” its investment recommendations by downgrading IntercontinentalExchange and upgrading Nasdaq.
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- IntercontinentalExchange downgraded to Outperform at Raymond James
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