UBS Raises price target on CME Group (CME) Following June Metrics Release
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Rating Summary:
11 Buy, 12 Hold, 5 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 11
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UBS reiterates a Buy rating on CME Group (NASDAQ: CME), and raised the price target to $108.00 (from $105.00), following CME's June metrics release. Analyst Alex Kramm increased 2Q EPS estimate to $0.94 from $0.88, compared to streets $0.89.
Kramm commented, "Following CME's June metrics release, we are increasing our 2Q EPS estimate to $0.94 from $0.88 (moving above current Street consensus of $0.89). CME's total volume ended the quarter above our most recent estimate as lower-than-expected energy volume was offset by higher-than-expected activity in all other asset classes. Commodities volume, in particular, had its best month ever in June (and best quarter ever in 2Q) to contribute to the upside. RPC metrics through May were also slightly better than expected on balance (particularly for interest rates). Beyond solid volumes in June (all asset classes up y/y), we also remain positive about the potential for cyclical upside as the debate around rates and a potential hike remains in focus."
For an analyst ratings summary and ratings history on CME Group click here. For more ratings news on CME Group click here.
Shares of CME Group closed at $94.27 yesterday.
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