IntercontinentalExchange initiated with an Equal Weight at Barclays

Barclays analyst Benjamin Budish initiated coverage of IntercontinentalExchange with an Equal Weight rating and $123 price target. The company is well positioned for longer-term global energy transfer and is making nice progress in the mortgage business, despite broader macro-related softness, the analyst tells investors in a research note. The firm sees the company as very well positioned for the global energy transfer, but says it will take many years for this to play out. Given these factors, it thinks the stock’s current valuation is fair.