Compass Point Starts CBOE Holdings (CBOE) at Neutral
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Price: $296.14 +1.04%
Rating Summary:
13 Buy, 17 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
13 Buy, 17 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Compass Point initiates coverage on CBOE Holdings (NASDAQ: CBOE) with a Neutral. PT $30.00.
The firm comments, "CBOE was the original pioneer of listed options and is now one of the largest options exchanges in the United States. Historical growth trends have been strong with US options ADV increasing 18% per year over the 2000-2011 period and CBOE ADV increasing 20% per year over the 2005-2011 period. 2012 industry volumes, however, were down year over year for the second time in the past 20 years. Despite the current softness, future growth prospects remain favorable supported by increasing buy-side trading, the OTC opportunity, and international expansion. While we find the secular growth opportunity attractive, with the shares trading at ~17x our estimate of FY'13 EPS as compared to our FY'13 EPS CAGR forecast of 9%, we prefer to wait for a more attractive entry point. Our optimistic bias is supported by the company's zero debt balance sheet and takeout prospects."
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 $31.23 yesterday.
The firm comments, "CBOE was the original pioneer of listed options and is now one of the largest options exchanges in the United States. Historical growth trends have been strong with US options ADV increasing 18% per year over the 2000-2011 period and CBOE ADV increasing 20% per year over the 2005-2011 period. 2012 industry volumes, however, were down year over year for the second time in the past 20 years. Despite the current softness, future growth prospects remain favorable supported by increasing buy-side trading, the OTC opportunity, and international expansion. While we find the secular growth opportunity attractive, with the shares trading at ~17x our estimate of FY'13 EPS as compared to our FY'13 EPS CAGR forecast of 9%, we prefer to wait for a more attractive entry point. Our optimistic bias is supported by the company's zero debt balance sheet and takeout prospects."
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 $31.23 yesterday.
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