Credit Suisse Upgrades CBOE Holdings (CBOE) to Neutral

September 27, 2016 7:09 AM EDT
Get Alerts CBOE Hot Sheet
Price: $63.59 -0.3%

Rating Summary:
    5 Buy, 11 Hold, 6 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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Credit Suisse upgraded CBOE Holdings (NASDAQ: CBOE) from Underperform to Neutral with a price target of $67.00 (from $60.00) after the company agreed to acquire BATS Global.

Analyst Christian Bolu commented, "No real surprises, the news was largely in line with the press reports last week and financial terms were more or less as we expected. Mgmt strategic rationale seems sound to us (diversification, global distribution, enhanced technology) and the numbers work–we gauge PF 2019 estimates at ~$3.50, 19% higher than our standalone estimate. Our revised target is $67 implying shares can trade at 19x our pro-forma (PF) 2019 estimate. Given very little downside to our target price, we upgrade our rating to Neutral (from Underperform)."

For an analyst ratings summary and ratings history on CBOE Holdings click here. For more ratings news on CBOE Holdings click here.

Shares of CBOE Holdings closed at $66.59 yesterday.

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