Nasdaq OMX Group Inc. (NDAQ) PT Lowered to $75 at Citi

Citi analyst Chris Allen lowered the price target on Nasdaq OMX Group Inc. (NASDAQ: NDAQ) to $75.00 (from $84.00) while maintaining a Neutral rating.

The analyst comments "Our outlook remains somewhat challenged. Activity (trading/index volumes) has been robust in recent periods, which should benefit 1Q and will likely remain healthy near-term given current volatility levels. But looking ahead, we see potential headwinds across several other businesses. The market pullback over the last week will reset index AUM levels lower. NDAQ has also already pointed to elongated sales cycles in its Calypso business in 1Q (here), and given the volatility we have seen in recent periods, we would expect these headwinds will likely persist in 2Q. And we would not be surprised to see the additional pressure across other areas of the business (data & listings, workflow and insights, market technology) given the current market and economic conditions/uncertainty. Also, the lockup of Thoma Bravo’s 43M shares expiring on 5/1 could present an additional overhang. For now, we prefer other exchanges more positively levered to the current environment."

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