Cboe Global Markets initiated with a Hold at TD Cowen

TD Cowen initiated coverage of Cboe Global Markets with a Hold rating and $205 price target. The firm is bullish on CBOE’s derivatives platform, notably proprietary index options, and the moves by the new management to accelerate and broaden revenues, streamline the platform, and eschew non-core M&A, the analyst tells investors in a research note. The firm adds however that it is generally less constructive on CBOE’s equities/spot FX segments, also noting that while its new product launches seem exciting, they are potentially less impactful, while the stock is trading at the high end of its forward-12-months’ P/E multiple ranges.