Argus Upgrades IntercontinentalExchange (ICE) to Buy

Argus upgraded IntercontinentalExchange (NYSE: ICE) from Hold to Buy with a price target of $270.00.

The firm views the 11% sell-off since Q4 earnings on February 4 as "overdone." They look for revenue growth of 37% in 2016, reflecting both high single-digit organic growth and a strong contribution from the IDC acquisition.

The firm is raising 2016 EPS estimate to $14.27 from $14.10 based on strong trading volumes midway through the first quarter. They are also boosting 2017 estimate to $15.94 from $15.73.

Shares of ICE are trading at 16.5x the firm's 2016 EPS estimate, below the low end of their historical average range in the high teens to low 20s, the analyst noted.

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 $237.89 yesterday.

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