Keefe, Bruyette & Woods Downgrades CBOE Holdings (CBOE) to Underperform; Cutting Street-High Estimates

Keefe, Bruyette & Woods downgraded CBOE Holdings (NASDAQ: CBOE) to Underperform, price target cut to $21.00.

KBW analyst said, "Lowering estimates for CBOE to $1.51 for 2012 from $1.82, primarily lowering volume across the high fee index complex & the competitive equity & ETF products. With a slow start to the year industry-wide & the high levels of activity from 2011 looking to have had some cyclical not structural benefit, we move to flat EPS for 2012. Accordingly, we lower our PT driving us to a UP rating."

For an analyst ratings summary and ratings history on CBOE Holdings click here. For more ratings news on CBOE Holdings click here.

Shares of CBOE Holdings closed at $26.73 yesterday.

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