BofA lowered the firm’s price target on IntercontinentalExchange (ICE) to $140 from $141 and keeps a Buy rating on the shares. Q3 has been defined in the exchange/market structure vertical by the ebbing of equity volatility, which has benefited the listings set-up at the expense of equity volumes, the analyst tells investors in a preview note. The subdued volatility has allowed for green shoots in the listings businesses of IntercontinentalExchange and Nasdaq (NDAQ), as the Arm (ARM) IPO in September was the largest since 2021 at $55B, the analyst noted.
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