MarketAxess price target lowered to $187 from $199 at BofA

BofA analyst Eli Abboud lowered the firm’s price target on MarketAxess to $187 from $199 and keeps an Underperform rating on the shares. Despite a Q1 beat, the firm is lowering its 2024, 2025 and 2026 EPS estimates to $6.89, $7.07 and $7.50, respectively, in light of the weakness in IG market share in April, which it notes accounts for about 35%-40% of variable trading revenues.