Shares of Nasdaq Inc (NASDAQ:NDAQ) were under pressure last week, following a secondary offering of its shares by Borse Dubai.

Following several years of repressed growth, the company's earnings trajectory is poised to accelerate in 2025 and 2026, according to Goldman Sachs.

The Nasdaq Analyst: Alexander Blostein upgraded the rating for Nasdaq from Neutral to Buy, with a price target of $73.

The Nasdaq Thesis: The company's earnings growth could accelerate from merely 5% from 2021 to 2024, to around 12% over the next two years, Blostein said in the upgrade note.

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The analyst gave three drivers for Nasdaq's earnings growth:

• "Integration of Adenza into a more enterprise-based offering across NDAQ's customer footprint driving the firm's Fin Tech revenues growth (36% of total) toward the upper-end of management's 10%-14% long-term target."
• "Cyclical tailwinds from resilient US Cash Equity and Options volumes, robust growth in NDAQ's Index business, improving outlook for Listings and shortening sales cycles."
• "Faster than expected de-leveraging beyond management's targets with an opportunity for sooner than expected share repurchases (2025) as management is likely to prioritize organic growth over M&A from here."

NDAQ Price Action: Shares of Nasdaq had risen by 2.18% to $62.39 at the time of publication on Tuesday.

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