Interactive Brokers Group (IBKR) PT Lowered at Piper Sandler Following EPS Miss

Piper Sandler analyst Patrick Moley lowered the price target on Interactive Brokers Group (NASDAQ: IBKR) to $182.00 (from $192.00) while maintaining an Overweight rating.

The analyst commented: "Acc't Growth & Activity Strong QTD; Headline EPS miss vs. our forecast. After the close, IBKR reported 1Q25 adjusted EPS of $1.88 per share, below our $1.94 estimate and consensus of $1.92. The miss vs. our estimate was primarily driven by higher than expected comp expense (6% above our est.) and lower NII (4% below). Commission and execution fees came in 1% below our forecast, while fixed expenses were ~3% above our forecast. IBKR's adj. pretax margin came in at 73.9% -- above 70% for the 6th time in the last 7 quarters. Accounts grew +33% annualized in 1Q25. Bottom line, we are lowering our 2025E / 2026E EPS estimates primarily due to lower than expected 2Q25 TD margin loan balances (down 10%-12% in April TD)."

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