MarketAxess price target raised to $294 from $284 at Credit Suisse

Credit Suisse analyst Gautam Sawant raised the firm’s price target on MarketAxess to $294 from $284 and keeps a Neutral rating on the shares. The analyst notes MarketAxess reported November total credit volume of $13.1B as credit market normalization is encouraging trading activity across the platform. He believes November fee per $M traded of $163 declined from $164 in October owing to higher Eurobond and local EM volumes driving negative mix shift offsetting an expected fee capture benefit from recovering IG duration. MarketAxess is well positioned to deliver revenue growth in 2023 as uncertainty could keep credit volatility higher/spreads wider, potentially lower 10-year yields could extend duration traded and higher non-zero interest rates could increase bond turnover velocity, he adds.