MarketAxess price target raised to $415 from $360 at Citi

Citi analyst Christopher Allen raised the firm’s price target on MarketAxess to $415 from $360 and keeps a Buy rating on the shares following the "solid" Q4 results. The analyst increased estimates to reflect an improving credit trading environment and better trajectory for non-transactional revenues. Citi sees momentum in the MarketAxess story given the outlook for credit trading and longer-term structural catalysts.