Piper Sandler raised the firm’s price target on IntercontinentalExchange to $180 from $170 and keeps an Overweight rating on the shares. Higher levels of equity market volatility produced a strong trading environment in Q3 and drove outperformance vs. the S&P 500 for every single Exchange stock in the firm’s coverage universe, Piper notes. Short-term upside might be limited at these levels, but the firm expects the Exchange & Trading companies to report solid Q3 results and continue benefiting from persistent volatility around the U.S. election season. And while lower rates create net interest income headwinds for eBrokers, Piper expects a more favorable retail trading environment and believes overall account growth will remain solid.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ICE:
- IntercontinentalExchange price target raised to $179 from $167 at Barclays
- IntercontinentalExchange price target raised to $185 from $174 at Raymond James
- IntercontinentalExchange price target raised to $175 from $168 at BofA
- ICE: September total average daily volume up 29%,open interest up 16% y/y
- IntercontinentalExchange price target raised to $185 from $171 at Goldman Sachs