Keefe, Bruyette & Woods Downgrades IntercontinentalExchange (ICE) to Market Perform

Keefe, Bruyette & Woods downgraded IntercontinentalExchange (NYSE: ICE) from Outperform to Market Perform with a price target of $140.00.

KBW analyst says, "With only 12% upside to our higher revised price target of $140, we downgrade ICE to Market Perform. Our price target is an implied 18X our 2012 EPS estimate of $7.76, in line with its historical 1-yr P/E multiple and below its 3-yr multiple of 19X. ICE has outperformed its peers year to date and we believe upside to the stock is largely priced in. Adjusting estimates."

For more ratings news on IntercontinentalExchange click here and for the rating history of IntercontinentalExchange click here.

Shares of IntercontinentalExchange closed at $125.51 yesterday.

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