UBS Maintains a 'Buy' on IntercontinentalExchange (ICE); Raising Estimates Following Record 3Q11

UBS maintains a 'Buy' on IntercontinentalExchange (NYSE: ICE) price target raised from $140 to $145.

UBS analyst says, "ICE reported its best quarter in its corporate history, showing solid y/y growth in all of its businesses, while keeping a lid on expense growth. We continue to view ICE as the true growth exchange that deserves a premium multiple...The higher FY11 estimate is driven by the 3Q beat ($1.87 vs. $1.78e) and higher expectations for the 4Q ($1.73 vs. $1.65 previously) on higher run-rate volumes and a lower tax rate (32.0% vs. 32.5%). The combination of the lower tax rate and a lower share count following buybacks also drive our FY12 estimate higher."

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

Shares of IntercontinentalExchange closed at $122.62 yesterday.

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