Cboe Global Markets downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded Cboe Global Markets (CBOE) to Sell from Neutral with an $184 price target representing 6% downside from current levels. The firm believes Cboe’s sales growth is “stagnating” amid maturing trends in its flagship SPX franchise, mixed growth in VIX products and market share losses in U.S. equities and options. The company’s slowing Index franchise, which collectively account for 33% of net revenue and most of its historical growth, “overwhelms” its other initiatives, the analyst tells investors in a research note. Goldman expects “just a modest” mid-single-digit earnings growth trajectory over the next several years for Cboe versus low-to-mid teens historically.