In a report released on May 3, Craig Siegenthaler from Bank of America Securities maintained a Buy rating on Cboe Global Markets (CBOE – Research Report), with a price target of $204.00.
Craig Siegenthaler has given his Buy rating due to a combination of factors that underscore Cboe Global Markets’ (CBOE) solid financial performance and promising strategic direction. The company’s earnings per share (EPS) exceeded expectations, signaling efficient cost management and beneficial non-operating income. Early results from their strategic review suggest a proactive approach to margin improvement under CEO Fred Tomczyk, with stable operating margins and a commitment to lowering expenses. The discontinuation of their spot crypto business is anticipated to yield significant cost savings, which indicates a keen focus on streamlining operations and enhancing profitability.
Siegenthaler’s confidence in CBOE also stems from its core competencies and growth prospects in the index options market. He highlights the distinct advantages of index options, such as tax benefits, cash settlement, and flexible trading hours, which are likely to attract more trading volume from both retail and institutional investors. Additionally, the potential for expansion through new broker partnerships, geographic growth, extended trading hours, and increased retail participation positions CBOe Global Markets to capitalize on these market opportunities. Collectively, these factors contribute to the analyst’s positive outlook and the reaffirmation of the Buy rating, supporting a robust future for CBOE.
In another report released today, Barclays also maintained a Buy rating on the stock with a $215.00 price target.
CBOE’s price has also changed slightly for the past six months – from $169.500 to $179.670, which is a 6.00% increase.
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Cboe Global Markets (CBOE) Company Description:
Cboe Global Markets, Inc. engages in the provision of trading and investment solutions to investors. It operates through the following business segments: Options, U.S. Equities, Futures, European Equities, and Global FX. The Options segment includes options exchange business, which lists for trading options on market indexes (index options), as well as on non-exclusive multiply-listed options. The U.S. Equities segment covers listed cash equities and ETP transaction services that occur on BZX, BYX, EDGX, and EDGA. The Futures comprises the the business of futures exchange, CFE, which includes offering for trading futures on the VIX Index and bitcoin and other futures products. The European Equities segment relates to the pan-European listed cash equities transaction services, ETPs, exchange-traded commodities, and international depository receipts that occur on the RIE, operated by Cboe Europe Equities. The Global FX segment represents the institutional FX trading services that occur on the Cboe FX platform. The company was founded on 1973 and is headquartered in Chicago, IL.
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