Barclays on U.S. Brokers, Asset Managers & Exchanges: Cuttings Estimates on NYX & NDAQ
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Up: 8 | Down: 5 | New: 26
Rating Summary:
4 Buy, 11 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays on U.S. Brokers, Asset Managers & Exchanges: Cash Equity Exchange August
Metrics
Analyst, Roger A. Freeman, said, "We are taking the opportunity to adjust our exchange volume forecasts for NYSE Euronext (NYSE: NYX) and NASDAQ (Nasdaq: NDAQ) following the month of August. Overall, U.S. cash equities average daily volume (ADV) was down 11% vs. July levels to 5.45bn shares. Cash equities ADV is running at 5.8bn QTD, well below our prior forecast of 6.1bn. Given current trends, our ADV estimate moves lower to 5.9bn, implying ADV of roughly 6.0bn for the month of September...Given current trends, our NYX market share estimate moves to 24.8% from 25.2%...NDAQ market share also declined on the month and given current trends, we are reducing our market share assumptions for NDAQ to 20.7% vs. our prior forecast of 21.6%."
"...our NDAQ 3Q12 EPS estimate moves to $0.57 from $0.59. Our FY2012 estimate moves to $2.41 from $2.45. Our NYX 3Q12 EPS estimate moves to $0.43 from $0.48. Our FY2012 forecast moves to $1.89 from $1.98 and our price target moves to $25 from $26, applying the same 13x target multiple to our 2012 EPS estimate."
Metrics
Analyst, Roger A. Freeman, said, "We are taking the opportunity to adjust our exchange volume forecasts for NYSE Euronext (NYSE: NYX) and NASDAQ (Nasdaq: NDAQ) following the month of August. Overall, U.S. cash equities average daily volume (ADV) was down 11% vs. July levels to 5.45bn shares. Cash equities ADV is running at 5.8bn QTD, well below our prior forecast of 6.1bn. Given current trends, our ADV estimate moves lower to 5.9bn, implying ADV of roughly 6.0bn for the month of September...Given current trends, our NYX market share estimate moves to 24.8% from 25.2%...NDAQ market share also declined on the month and given current trends, we are reducing our market share assumptions for NDAQ to 20.7% vs. our prior forecast of 21.6%."
"...our NDAQ 3Q12 EPS estimate moves to $0.57 from $0.59. Our FY2012 estimate moves to $2.41 from $2.45. Our NYX 3Q12 EPS estimate moves to $0.43 from $0.48. Our FY2012 forecast moves to $1.89 from $1.98 and our price target moves to $25 from $26, applying the same 13x target multiple to our 2012 EPS estimate."
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