CBOE Holdings (CBOE) PT Raised to $233 at Jefferies

Jefferies analyst Daniel Fannon raised the price target on CBOE Holdings (NYSE: CBOE) to $233.00 (from $217.00) while maintaining a Hold rating.

The analyst comments "CBOE (Hold): 2Q25 EPS est increases to $2.43 from $2.27. The EPS increase was driven primarily by stronger index options and European equities volume. Rev from index options was revised higher by approximately +$15M, and European equities rev was revised higher by approximately +$5M. RPCs for both products also came in better. As a result, overall transaction rev increased by +$16M vs our prev est. We are also increasing our operating margin est from 61.9% to 63.9%. For FY25, we are modeling Data & Vantage growth of +8.4% y/y, compared to +7-10% guidance. Our operating exp est for FY25 of $836M is modestly under FY25 guidance of $837M-$852M. This will be the first qtr we will hear from new CEO, Craig Donohue and what he may or may not do differently in terms of strategy (i.e. investment, M&A, capital return, etc.)."

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