Goldman Sachs analyst Alexander Blostein upgraded Nasdaq to Buy from Neutral with a $73 price target, implying 18% upside from current levels. Following several years of “challenged” earnings growth, Nasdaq’s earnings trajectory accelerating to 12% in 2025 and 2026 supported by the integration of Adenza, the analyst tells investors in a research note. Meanwhile, the company faces cyclical tailwinds from “resilient” U.S. cash equity and options volumes and robust growth in its index business, says the firm. Goldman sees Nasdaq’s earnings mix evolving with greater than 50% of operating income coming from the “higher-valued” Fin Tech and index businesses by 2025.
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