Citi analyst Christopher Allen raised the firm’s price target on IntercontinentalExchange to $110 from $102 and keeps a Neutral rating on the shares. The analyst refreshed estimates for the brokers and asset managers ahead of Q4 earnings. Overall, he continues to favor the exchanges over the brokers at present given his expectations for a "choppy" equity market in 2023. The analyst sees the exchanges as more defensive plays.
Published first on TheFly
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