William Blair Starts Tradeweb Markets (TW) at Outperform, 'Leading Electronic Trading Platform'

William Blair analyst Jeff Schmitt initiates coverage on Tradeweb Markets (NASDAQ: TW) with a Outperform rating.

The analyst comments "Tradeweb is a leading global operator of electronic marketplaces, with a focus on fixed income. It has one of the broadest client networks, the most diverse products, and innovative technology and protocols that keep it at the industry forefront. It also has a strong balance sheet with no debt and benefits in market dislocations. We believe secular growth trends, market share gains, and margin expansion will drive 15%-20% EPS growth in 2024 and 2025. We believe the relatively high P/E is justified by strong secular tailwinds, its durable market positions, and robust EPS growth prospects. At 38 times 2024 EPS, Tradeweb trades near its historical average forward P/E multiple of 40 times. A multiple of 40 times our 2025 EPS estimate implies a stock price of $124 for upside potential of 21%. Our DCF model supports a price of $120-$124."

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

Shares of Tradeweb Markets closed at $102.02 yesterday.

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