Morgan Stanley analyst Michael Cyprys downgraded Nasdaq to Equal Weight from Overweight with a price target of $60, down from $70. The analyst sees risks to the company’s Solutions business growth outlook that comprise over 70% of its revenue Meanwhile, Nasdaq is least exposed to a cyclical uplift to volumes, as its trading revenue comprise less than 30% of sales, the analyst tells investors in a research note. The firm has skewed its preference to "more defensive exchanges and transactional-skewed beneficiaries," given the uncertain macro outlook and in light of recent market events.
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