Raymond James analyst Patrick O’Shaughnessy raised the firm’s price target on Nasdaq (NDAQ) to $84 from $83 and keeps an Outperform rating on the shares. The firm updated the company’s model ahead of the Q4 report. Despite Nasdaq having overpaid for recent acquisitions, the company has an “increasingly attractive financial technology software franchise that is paired with a remarkable growth story in Nasdaq’s index franchise,” the analyst tells investors in a research note. The firm still hs concerns about the outlook for legacy exchange revenue streams, but think Nasdaq can absorb these headwinds. It views the stock’s risk/reward as attractive.
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