JPMorgan reinstated coverage of IntercontinentalExchange with an Overweight rating and $139 price target following a period of restriction. ICE has underperformed peer exchanges this year as higher interest rates have weighed on both its data and mortgage technology business earnings growth, the analyst tells investors in a research note. However, the firm sees the potential for peak and/or falling interest rates in 2024 “to remove a key impediment” for the company’s revenue growth. In addiotnal, ICE’s new mortgage contract with J.P. Morgan will open the door to other meaningful partnerships with the other largest bank mortgage originators, says the firm.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on ICE:
- IntercontinentalExchange announces approval for CargoDocs
- IntercontinentalExchange reports total November ADV up 25% y/y
- ICE awarded $155M for PennyMac misuse of Black Knight confidential information
- Enterprise and ONEOK extend fee waiver deal for ICE Midland WTI deliveries
- IntercontinentalExchange price target raised to $124 from $119 at Morgan Stanley
