IntercontinentalExchange price target raised to $185 from $171 at Argus

Argus raised the firm’s price target on IntercontinentalExchange (ICE) to $185 from $171 and keeps a Buy rating on the shares. The company is benefiting from positive trends in its core data business and seeing a better balance between recurring and transaction revenues, the analyst tells investors in a research note. The firm’s revised price target also assumes a 26-times earnings multiple, which is in line with the stock’s historical average, the firm added.