Citi upgraded IntercontinentalExchange to Buy from Neutral with a price target of $130, up from $117. Following the Q2 earnings beat, the shares finished down 3% as a lowered mortgage technology recurring revenue guide weighed on the stock, the analyst tells investors in a research note. The firm says the lowered outlook is not overly surprising, and it raised estimates to reflect better than expected pricing trends through July in trading, a tick up in mortgage transactional activity and a lower expense trajectory. Citi sees upside potential to consensus numbers and views ICE‘s risk/reward as attractive.
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Read More on ICE:
- IntercontinentalExchange price target raised to $126 from $125 at Deutsche Bank
- IntercontinentalExchange reports Q2 mortgage technology revenues $249M
- IntercontinentalExchange reports Q2 EPS $1.43, consensus $1.37
- Is ICE a Buy, Before Earnings?
- Black Knight downgraded to Market Perform from Outperform at William Blair
