Deutsche Bank Cuts Price Target on NYSE Euronext (NYX) to $72
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Yesterday, Deutsche Bank issued a research note lowering its estimates and price target on NYSE Euronext (NYSE: NYX). The firm reduced its Q2 and FY08 EPS estimates from $0.86 and $3.60 to $0.73 and $3.25, respectively. Consequently, Deutsche moved its price target on NYSE Euronext from $86 to $72, "but given significant upside", the firm reiterates its Buy rating.
Deutsche said its lowered estimates were the result of recent checks showing lower volumes and higher expenses. Deutsche said, "While June volumes showed improvement, weak April and May activity hurt NYX’s volume related revenues, and costs associated with the Wombat acquisition and a long term incentive plan offset expected costs savings from technology realignment."
However, the firm believes that NYSE Euronext can create cost savings during the second half of this year that are above managements previous expectations. Additionally, Deutsche points out that the company is aggressively consolidating technology improvements and also has a buyback in place that should keep the shares moving higher.
With shares of NYSE Euronext trading around $47.30 today, Deutsche Bank's $72 price target represents a potential gain of more than 50% from current levels.
NYSE Euronext, through its subsidiaries, offers various financial products and services.
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