Jefferies Offers Insight on Defensive Financial Plays, Calls Intercontinental Exchange (ICE) 'Most Compelling"
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Price: $131.65 +0.34%
Rating Summary:
21 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 15 | Down: 8 | New: 36
Rating Summary:
21 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 15 | Down: 8 | New: 36
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Jefferies believes that the exchange sector offers an investor a defensive way to invest in financials, without directly doing so.
The firm reports that since summer all asset classes have been experiencing strong trends. Future, options, and equity trading has all shown strong signs with many markets experiencing record volume trading days in July.
Jefferies notes that the price is right as on average the group is trading a 12.7x their 2012 EPS estimates. Some of the exchanges are poised to launch large buyback plans and a few already have. The firm comments, "The most compelling combination of fundamentals, valuation and capital deployment opportunities is Intercontinental Exchange Inc. (NYSE: ICE) in our view."
Jefferies is maintaining its Hold rating on shares of CBOE Holdings Inc (Nasdaq: CBOE) while raising its price target from $25 to $27 and its Q3 EPS estimate from $0.34 to $0.46. The consensus is currently $0.43. For 2011 and 2012, the firm increased its EPS estimates from $1.46 and $1.75 to $1.58 and $1.80.
Jefferies is maintaining its Buy rating on shares of CME Group (Nasdaq: CME) while lowering its price target from $340 to $315 and raising its Q3 EPS estimate from $4.13 to $4.58. The consensus is currently $4.48. For 2011, the firm increased its EPS estimate from $17 to $17.45.
Jefferies is maintaining its Buy rating and $145 price target on shares of Intercontinental Exchange Inc. (NYSE: ICE) while raising its Q3 EPS estimate from $1.66 to $1.73. The consensus is currently $1.67. For 2011 and 2012, the firm increased its EPS estimates from $6.78 and $7.60 to $6.85 and $7.75.
Jefferies is maintaining its Hold rating and $27 price target on shares of NASDAQ OMX Group, Inc. (Nasdaq: NDAQ) while raising its Q3 EPS estimate from $0.60 to $0.64. The consensus is currently $0.63. For 2011 and 2012, the firm increased its EPS estimates from $2.46 and $2.68 to $2.50 and $2.75.
Jefferies is maintaining its Hold rating on shares of NYSE Euronext (NYSE: NYX) while lowering its price target from $35 to $28 and raising its Q3 EPS estimate from $0.58 to $0.66. The consensus is currently $0.68. For 2011 and 2012, the firm increased its EPS estimates from $2.47 and $2.70 to $2.56 and $2.75.
The firm reports that since summer all asset classes have been experiencing strong trends. Future, options, and equity trading has all shown strong signs with many markets experiencing record volume trading days in July.
Jefferies notes that the price is right as on average the group is trading a 12.7x their 2012 EPS estimates. Some of the exchanges are poised to launch large buyback plans and a few already have. The firm comments, "The most compelling combination of fundamentals, valuation and capital deployment opportunities is Intercontinental Exchange Inc. (NYSE: ICE) in our view."
Jefferies is maintaining its Hold rating on shares of CBOE Holdings Inc (Nasdaq: CBOE) while raising its price target from $25 to $27 and its Q3 EPS estimate from $0.34 to $0.46. The consensus is currently $0.43. For 2011 and 2012, the firm increased its EPS estimates from $1.46 and $1.75 to $1.58 and $1.80.
Jefferies is maintaining its Buy rating on shares of CME Group (Nasdaq: CME) while lowering its price target from $340 to $315 and raising its Q3 EPS estimate from $4.13 to $4.58. The consensus is currently $4.48. For 2011, the firm increased its EPS estimate from $17 to $17.45.
Jefferies is maintaining its Buy rating and $145 price target on shares of Intercontinental Exchange Inc. (NYSE: ICE) while raising its Q3 EPS estimate from $1.66 to $1.73. The consensus is currently $1.67. For 2011 and 2012, the firm increased its EPS estimates from $6.78 and $7.60 to $6.85 and $7.75.
Jefferies is maintaining its Hold rating and $27 price target on shares of NASDAQ OMX Group, Inc. (Nasdaq: NDAQ) while raising its Q3 EPS estimate from $0.60 to $0.64. The consensus is currently $0.63. For 2011 and 2012, the firm increased its EPS estimates from $2.46 and $2.68 to $2.50 and $2.75.
Jefferies is maintaining its Hold rating on shares of NYSE Euronext (NYSE: NYX) while lowering its price target from $35 to $28 and raising its Q3 EPS estimate from $0.58 to $0.66. The consensus is currently $0.68. For 2011 and 2012, the firm increased its EPS estimates from $2.47 and $2.70 to $2.56 and $2.75.
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