Piper Sandler analyst Patrick Moley reiterated the Obese ranking on Cboe International Markets, Inc. CBOE, elevating the worth goal to $174 from $160.
With someday left within the quarter, the analyst expects CBOE to report its fifth consecutive file quarter for index choices volumes and the tenth consecutive QoQ enhance in volumes.
August & September are anticipated to be the 2 most significant quantity months on file for SPX choices, Moley notes.
The analyst provides that CBOE shares are up 3.1% for the reason that former CEO resigned, contrasting with the decline of its common U.S. trade peer and the S&P over the identical interval.
The analyst suspects the outperformance is because of buyers pricing in better odds of a possible sale following the lack of its long-time CEO.
Associated: Cboe International Markets’ Chairman & CEO Edward Tilly Resigns Over Private Relationships With Colleagues
For years, buyers have seen CBOE as a pretty takeout candidate with their unique license to commerce the favored SPX & VIX derivatives merchandise, notes the analyst. In 2021, media reviews stated the CME Group Inc CME approached CBOE with a proposal, however CME denied the report.
That stated, if a sale was to happen, the analyst believes CME is the most probably acquirer.
The analyst raised ’23 / ’24 EPS estimates from $7.10 / $7.31 to $7.21 / 7.55, respectively.
The 3Q23 estimate is elevated by $0.03 to $1.80 on account of continued outperformance in proprietary derivatives volumes.
Value Motion: CBOE shares are buying and selling decrease by 0.32% to $155.90 on the final test Friday.
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