IntercontinentalExchange (ICE) PT Raised to $180 at Citi
Citi analyst Chris Allen raised the price target on IntercontinentalExchange (NYSE: ICE) to $180.00 (from $162.00) while maintaining a Buy rating.
The analyst comments "ICE finished relatively flat in a challenging tape following 2Q earnings as strength in the energy business continued to shine through and the outlook in fixed Income/mortgage continues to improve as we head into ’25. ICE continues to be one of our favorite names in the exchange space as 1) we remain very constructive on the long-term outlook in energy where ICE is well-positioned to capitalize on structural catalysts given its global platform, 2) see an improving FIDS outlook given flow trends into FICC mutual funds/ETFs supporting index AUM growth, pending expansion in connectivity and actions to improve sales efforts, and 3) see L/T opportunities in mortgage from ongoing customer wins in mortgage further buildouts of data capabilities and incremental revenue synergies. While the stock has been performing well, we continue to see upside from here given the mix of near-term catalysts and LT opportunities. We reiterate our Buy rating."