Cboe Global downgraded to Underweight from Equal Weight at Morgan Stanley
The Fly

Cboe Global downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Michael Cyprys downgraded Cboe Global Markets (CBOE) to Underweight from Equal Weight with a $199 price target The firm believes the shares are pricing in high-single-digit to double-digit sales acceleration, but its work shows risks to Cboe’s growth and the valuation multiple. Cboe trades at 22-times Morgan Stanley’s 2026 earnings estimates, a 1-2 times premium to its historical averages and a 7% premium to peers averaging. It see downside risks saying the company’s decelerating growth could drive earnings misses, while a focus on margin stability and openness to acquisitions could lead to multiple contraction.

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