CME Group (CME) PT Lowered to $228 at Oppenheimer

Oppenheimer analyst Owen Lau lowered the price target on CME Group (NASDAQ: CME) to $228.00 (from $245.00) while maintaining a Outperform rating.

The analyst commented: "We raised our 2Q24E adj. EPS to $2.50 (vs. Street's $2.52E) from $2.33, driven by higher than expected metals, commodities and energy trading volumes. We also raised our FY'24E and FY'25E EPS to $9.69 and $9.92, from $9.55 and $9.81, respectively. The rate outlook continues to compress CME's multiple; therefore, we lowered our PT from $245 to $228, based on a 23x multiple. Despite elevated trading volume, sentiment was weak driven by potential competition from FMX and interest rate direction. The stock only trades at 92% relative multiple, below its long-term and five-year average of 149% and 132%, respectively."

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