Analyst Christopher Allen of Citi maintained a Buy rating on Marketaxess Holdings (MKTX – Research Report), with a price target of $325.00.
Christopher Allen’s Buy rating for Marketaxess Holdings is based on a variety of factors that signal strong performance and potential for growth. The company’s fourth-quarter earnings surpassed expectations, with a reported EPS of $1.84 compared to estimates of around $1.70. The beat was largely attributed to a lower-than-anticipated tax rate, along with higher revenues and non-operating income. Expenses were generally in line with projections, indicating efficient management of costs, which is always a positive sign for investors.
Additionally, Marketaxess Holdings exhibited a solid top-line growth of 7% excluding Pragma, reinforcing the company’s revenue-generating capabilities. There’s an anticipation of increased market share gains driven by the new generation of trading tools, which further bolsters the outlook for the stock. Looking into the future, the guidance for 2024 reflects manageable expense projections and promising revenue growth from Pragma, with an expected mid-single-digit percentage increase. These elements, combined with the strong credit activity at the onset of the first quarter, underpin Allen’s confidence in the stock, meriting a Buy recommendation.
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Marketaxess Holdings (MKTX) Company Description:
MarketAxess Holdings, Inc. operates as an electronic trading platform that allows investment industry professionals to trade corporate bonds and other types of fixed-income instruments. It also provides data and analytical tools that help its clients to make trading decisions and facilitate the trading process by electronically communicating order information between trading counterparties. The firm’s patented trading technology allows institutional investor clients to request competitive, executable bids, or offers from multiple broker dealers simultaneously and to execute trades with the broker dealer of their choice. The company was founded by Richard M. Mcvey on April 11, 2000 and is headquartered in New York, NY.
Read More on MKTX:
- MKTX Earnings this Week: How Will it Perform?
- MarketAxess assumed with an Outperform at William Blair
- MarketAxess price target raised to $308 from $284 at Morgan Stanley
- MarketAxess downgraded to Equal Weight from Overweight at Barclays
- MarketAxess price target raised to $229 from $203 at Rosenblatt
