TD Cowen starts Tradeweb Markets at Buy, sees company ‘well positioned’

As previously reported, TD Cowen analyst Bill Katz initiated coverage of Tradeweb Markets with a Buy rating and $139 price target. The company is the firm’s favored “transactions-oriented” selection among U.S. Exchanges at the present as it sees Tradeweb as well positioned both strategically and tactically, the analyst tells investors in a research note. TD Cowen adds that its “constructive stance” is supported by the “strong tailwinds” to the company’s flagship rates and credit platform, also noting that the stock is as an attractive way to play potentially lower short-term interest rates as it benefits benefiting from a likely step-up in trading activity and a potential rise in RPC – or revenue per contract – as investors likely transact and hedge at the more lucrative and longer end of the rates curve.