CME Group (CME) PT Raised to $258 at Oppenheimer

Oppenheimer analyst Owen Lau raised the price target on CME Group (NASDAQ: CME) to $258.00 (from $245.00) while maintaining a Outperform rating.

The analyst commented: "CME set another record quarter with 3Q adjusted EPS of $2.68 vs. our $2.61E and consensus' $2.65E. The stock grinded higher from an early trading loss to up 0.4% (vs. down 0.9% for S&P 500) at close. The uncertainty about the US election and geopolitical environment has increased the demand for risk management, which provides tailwinds for CME.
Given the subdued initial volume of FMX, the sentiment has clearly shifted so that the pressure about 1) substantial price cut on interest rate products and 2) market share loss is abating. This dynamic has increased CME's flexibility to raise transactional price next year. Trading at 100% relative multiple (22x NTM P/E), way below its LT historical average of 148% (32.5x), CME seems to have more room to run."

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