Deutsche upgrades Cboe Global Markets to Buy on revenue growth

Deutsche Bank upgraded Cboe Global Markets (CBOE) to Buy from Hold with a price target of $222, up from $212. The upgrade is driven by a revised view that Cboe will maintain “healthy” revenue growth in at least 2025, supported by a belief that the equity markets may remain volatile over the intermediate term post the U.S. election results, driving greater use of index and volatility options, the analyst tells investors in a research note. In addition, Deutsche believes the company’s revenue growth will also be supported organically, via continued product innovation and greater adoption of options usage, including from the launch of index options coming soon at Robinhood (HOOD).