CBOE Holdings (CBOE) PT Raised to $220 at Citi

Citi analyst Chris Allen raised the price target on CBOE Holdings (NYSE: CBOE) to $220.00 (from $200.00) while maintaining a Neutral rating.

The analyst comments "Volumes remained healthy in 3Q, largely coming in above our expectations across most asset classes. Higher volatility (particularly in August) drove strong index options activity and provided a tailwind to the stock during the quarter. Pricing was somewhat mixed as index RPC moderated given mix shift towards lower priced VIX and US cash equities capture rate also came in a bit as CBOE continues to tweak pricing to drive market share. Overall, while we remain constructive on certain aspects of the story (data/access) and see the potential for a higher volatility backdrop over the coming months to drive activity, we believe current valuation represent a balanced risk reward and prefer to wait for a more attractive entry point."

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