Nasdaq price target raised to $80 from $73 at Piper Sandler

Piper Sandler raised the firm’s price target on Nasdaq to $80 from $73 and keeps an Overweight rating on the shares. Higher levels of equity market volatility produced a strong trading environment in Q3 and drove outperformance vs. the S&P 500 for every single Exchange stock in the firm’s coverage universe, Piper notes. Short-term upside might be limited at these levels, but the firm expects the Exchange & Trading companies to report solid Q3 results and continue benefiting from persistent volatility around the U.S. election season. And while lower rates create net interest income headwinds for eBrokers, Piper expects a more favorable retail trading environment and believes overall account growth will remain solid.