Nasdaq OMX (NDAQ) Higher on Analyst Upgrade
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Shares of Nasdaq OMX Group Inc (Nasdaq: NDAQ) are higher today (+3%) after Lehman Brothers upgraded the stock from a not-so-optimistic 'Equal-Weight' rating to a convincingly positive 'Overweight' rating. The firm did lower their price target to $50, citing lower valuation across the sector, but that target price is significantly above the current market price of around $35.
With the stock down 31% this year, Lehman said concerns about market share declines, volume growth, and LSE bid talk, are overly discounted in the share price.
This is the second upgrade from a major broker of NASDAQ in a week. On May 23rd, Merrill Lynch upgraded the stock from Neutral to Buy, citing basically the same thing as Lehman.
With the stock down 31% this year, Lehman said concerns about market share declines, volume growth, and LSE bid talk, are overly discounted in the share price.
This is the second upgrade from a major broker of NASDAQ in a week. On May 23rd, Merrill Lynch upgraded the stock from Neutral to Buy, citing basically the same thing as Lehman.
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