MarketAxess upgraded to Overweight from Neutral at Atlantic Equities

Atlantic Equities upgraded MarketAxess to Overweight from Neutral with a price target of $403, up from $321. While the shares are "richly valued by any standard," the company is close to reaching an inflection point for growth that is likely to lead to rapid revenue growth acceleration, stronger than expected operating leverage, and "very strong" earnings growth, the analyst tells investors in a research note. The firm says that historically, MarketAxess has seen its relative valuation multiple expand during times of accelerating or recovering revenue growth.