Piper Sandler Upgrades CBOE Holdings (CBOE) to Overweight; 'Hitting On Nearly All Cylinders'
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(Updated - March 4, 2021 9:01 AM EST)
Piper Sandler analyst Richard Repetto upgraded CBOE Holdings (NASDAQ: CBOE) from Neutral to Overweight with a price target of $108 (from $93), saying the company is "hitting on nearly all cylinders."
The analyst commented, "CBOE reported a second month of "across the board" strong volumes in 2021. And January trailing-three monthRPCs across product groups were also predominantly in line or above our estimates, headlined by a 53% increase in U.S. equity RPCs. Due to strong volumes, specifically the recovery in proprietary product volumes and persistence of elevated U.S. cash equity &equity options volumes, along with (1) indications of an increasing equity RPC and (2) an attractive valuation, we are upgrading CBOE to OVERWEIGHT with a price target of$108 per share. We are also increasing our 1Q21 EPS estimate by $0.10 to $1.46, 2021EPS estimate by $0.21 to $5.38, and 2022 EPS estimate by $0.13 to $5.45."
Shares of CBOE Holdings closed at $104.20 yesterday.
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