UBS Maintains a 'Buy' on IntercontinentalExchange (ICE); Raising 1Q11 EPS on OTC, Pricing Trends
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Price: $158.61 --0%
Rating Summary:
23 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 18
Rating Summary:
23 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 18
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UBS maintains a 'Buy' on IntercontinentalExchange (NYSE: ICE), PT increased from $147 to $150.
UBS analyst says, "ICE's March/1Q11 volumes were largely consistent with what we previewed on March 25: strong sequential and y/y growth, and end-of-quarter softness that drove final numbers slightly (2%) below our most recent estimates. The surprises came from pricing in Europe (+3% vs. UBSe) and stronger OTC commissions than we had modeled. These metrics should represent a tailwind for the stock going forward, as we expect them to drive Street estimates higher over the near term."
"We are raising our 1Q11 EPS estimate to $1.75 from $1.70 (2011E EPS to $6.80 from $6.70). The upside is being driven primarily by the OTC business and favorable pricing trends. Volumes continue to grow nicely y/y, and we believe incremental upside exists if volumes continue performing at 1Q levels. Note that our estimate excludes M&A costs related to ICE’s offer for Liffe ($0.03 impact)."
For more ratings news on IntercontinentalExchange click here and for the rating history of IntercontinentalExchange click here.
Shares of IntercontinentalExchange closed at $118.90 yesterday.
UBS analyst says, "ICE's March/1Q11 volumes were largely consistent with what we previewed on March 25: strong sequential and y/y growth, and end-of-quarter softness that drove final numbers slightly (2%) below our most recent estimates. The surprises came from pricing in Europe (+3% vs. UBSe) and stronger OTC commissions than we had modeled. These metrics should represent a tailwind for the stock going forward, as we expect them to drive Street estimates higher over the near term."
"We are raising our 1Q11 EPS estimate to $1.75 from $1.70 (2011E EPS to $6.80 from $6.70). The upside is being driven primarily by the OTC business and favorable pricing trends. Volumes continue to grow nicely y/y, and we believe incremental upside exists if volumes continue performing at 1Q levels. Note that our estimate excludes M&A costs related to ICE’s offer for Liffe ($0.03 impact)."
For more ratings news on IntercontinentalExchange click here and for the rating history of IntercontinentalExchange click here.
Shares of IntercontinentalExchange closed at $118.90 yesterday.
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