MarketAxess price target lowered to $234 from $254 at Rosenblatt

Rosenblatt analyst Andrew Bond lowered the firm’s price target on MarketAxess to $234 from $254 and keeps a Sell rating on the shares. The firm lowered its Q2 EPS estimate 14% to $1.50, versus the Street at $1.74, and also lowered its FY23, FY24 and FY25 EPS estimates, noting that MarketAxess’ IG market share declined year-over-year for a fourth straight quarter and credit FPM is at “record lows.” The firm’s “Sell MKTX, Buy TW thesis” continued to play out in Q2, with MarketAxess posting a 21% decline in ADV, versus a 10% increase at Tradeweb Markets (TW), Rosenblatt added. The firm maintains its $90 price target and Buy rating on Tradeweb shares.