Oppenheimer analyst Owen Lau notes that amid a challenging backdrop, Nasdaq reported strong Q4 results. It was an in-line quarter with higher revenue offset by higher expense than expected, the firm adds. Oppenheimer believes higher than expected 2023 expense guidance and and uncertain outlook in tech stock or fund-flow to Index drove the selloff in the shares. That said, after a few years of outperformance and upcoming earnings revision, this selloff presents an "attractive entry point" for long-term investors, the firm argues. Oppenheimer has an Outperform rating on the shares with a price target of $66.
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