Goldman Sachs raised the firm’s price target on Nasdaq to $83 from $77 and keeps a Buy rating on the shares. On Monday, the firm said lower interest rates and “sluggish” deal recovery leave downside risks across most capital markets stocks into the Q3 reports. While prospects of faster rate cuts and stronger equity markets “have propelled the risk-on behavior” across many capital markets stocks, deal activity rates remain sluggish, which is a continued headwind for many alternative managers amid “very stretched” valuation multiples, organic growth for most traditional managers deteriorated in Q3, and lower interest rates present a “meaningful risk” to earnings for most brokers and wealth managers, the analyst told investors in a research note. Goldman sees the exchanges and trust banks as “relative bright spots” into the Q3 results.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NDAQ:
- Abacus Life appoints Robert Phillips as SVP, investor relations
- RBC Has a New Play for Investors: ‘Go Long on US Exchange Stocks’
- The Week That Was, The Week Ahead: Macro & Markets, September 29, 2024
- 3 Economic Events That Could Affect Your Portfolio This Week, September 30 – October 4, 2024
- Nasdaq initiated with an Outperform at RBC Capital