Nasdaq initiated with Outperform on favorable growth at William Blair

William Blair analyst Jeff Schmitt initiated coverage of Nasdaq (NDAQ) with an Outperform rating and no price target Since its strategic pivot in 2017, Nasdaq has transitioned from an exchange operator to a leading technology company serving a wide range of clients across global capital markets, the analyst tells investors in a research note. The firm says the company’s non-transactional revenues are about 80% of its mix, recurring revenues are about 60% of the mix, and its “leading technology solutions are scalable with favorable long-term growth prospects.” This has resulted in a more consistent and favorable growth profile relative to the exchanges, the analyst tells investors in a research note.