Raymond James analyst Patrick O’Shaughnessy upgraded Nasdaq (NDAQ) to Outperform from Market Perform with an $82 price target. The firm says Nasdaq and Intercontinental Exchange (ICE), which was downgraded from Strong Buy, have grown increasingly similar over time, and while IntercontinentalExchange has a “far superior” trading franchise, and boasts a higher operating margin, the firms’ revenue and EPS growth profiles, business composition, balance sheet leverage, and returns on invested capital have become remarkably similar, the analyst tells investors in a research note. The firm is “harmonizing” its investment recommendations by downgrading IntercontinentalExchange and upgrading Nasdaq.
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