BofA Securities Upgrades MarketAxess (MKTX) to Neutral

BofA Securities analyst Eli Abbound upgraded MarketAxess (NASDAQ: MKTX) from Underperform to Neutral with a price target of $170.00.

The analyst comments "We are concluding our long-time Underperform rating and upgrading MarketAxess (MKTX) to Neutral. MKTX was the first mover in corporate bond electronic trading but has been ceding market share to more innovative new entrants (Tradeweb, Trumid). As a percentage of US corporate bond e-trading, their share has declined to 33% from 57% over 5Y. With the valuation sliding to an all-time low of 14x (down 50% over 1Y) at the same time that headwinds are abating, we see an opportunity to be more constructive."

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

Shares of MarketAxess closed at $116.33 yesterday.

You May Also Be Interested In

• BofA Securities Starts Dollarama Inc. (DOL:CN) (DLMAF) at Buy
• Battery X Metals adds auto industry advisor to board
• Nutrien warns shareholders about below-market mini-tender offer