Jefferies Lowers Estimates on IntercontinentalExchange (ICE); CDS Activity Bumping Along the Bottom

Jefferies maintains a 'Buy' on IntercontinentalExchange (NYSE: ICE) price target of $160.00.

Analyst, Daniel T. Fannon, said, "ICE released its trading metrics for June and 2Q. OTC energy average daily commissions equaled $1.58M, approx. in line with expectations, while CDS activity generated $36M in revenues, $7M below our estimate. Despite strong trading activity during the quarter, our 1Q EPS estimate declines by $0.07 to $1.92 on CDS trading and clearing weakness."

Fannon also lowers FY12 from $8.08 to $8.02.

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

Shares of IntercontinentalExchange closed at $134.90 yesterday.

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