UPDATE: Rosenblatt Initiates IntercontinentalExchange (ICE) at Buy

August 16, 2022 4:38 PM EDT
Get Alerts ICE Hot Sheet
Price: $109.25 -0.26%

Rating Summary:
    21 Buy, 7 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 2 | Down: 23 | New: 24
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(Updated - August 17, 2022 7:08 AM EDT)

Rosenblatt analyst Andrew Bond initiates coverage on IntercontinentalExchange (NYSE: ICE) with a Buy rating and a price target of $164.00.

The analyst comments "We initiate coverage of ICE with a Buy and a $164 PT. ICE is once again in transformation mode making this a story about execution, fortunately for investors we’ve seen this story before, and we’re betting on another happy ending. Since ICE was founded more than two decades ago Jeff Sprecher and team have led the company though a number of large scale transformations that were not widely understood at the time. In the process ICE has pioneered the electronification of energy markets, turned around the NYSE, led the digitization of fixed income and is now attempting to transform the mortgage industry. While investors remain cautious around another large-scale acquisition, there is limited downside at this valuation in our view. Further, we believe the Street is overlooking the strength of its higher margin futures and data business, while giving no credit to a defensible equities business with a number of market structure and regulatory tailwinds."

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 $109.60 yesterday.

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