Morgan Stanley upgraded Nasdaq (NDAQ) to Overweight from Equal Weight with a price target of $80, up from $59. The analyst elevated Nasdaq to top pick in the brokers and exchanges sector, replacing BlackRock (BLK). The firm is “bullish on the transformation story” at Nasdaq, saying the company is shifting to higher quality, recurring revenue streams which should support a reacceleration in the growth outlook and catalyze multiple expansion. A sum-of-the-parts valuation approach in the context of information services comps yields the $80 target, which offers 28% upside, the analyst tells investors in a research note.
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