Jefferies Raises Price Target on Intercontinental Exchange (ICE) to $66 After Meeting with Management

Jefferies reiterated a Buy rating on Intercontinental Exchange (NYSE: ICE), and raised the price target to $66.00 (from $62.00), after spending time with management. The focus of the day was on the outlook for growth in the data business. Without prioritizing which areas they were most excited about, management. highlighted the opportunity to grow across all three segments of its segments.

Analyst Daniel Fannon commented, "Last week we spent time with the management team of ICE. The focus of the discussion was on the data business and it appears that management is being conservative with both its synergy expectations for IDC as well as the near term growth rate of the data business. A combination of elevated traded volumes, continued cost cuts and integration of the IDC business represent a constructive backdrop for ICE shares over the short-to-intermediate term."

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

Shares of IntercontinentalExchange closed at $57.66 yesterday.

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