Acquisition SynergiesThere is conviction behind management's ability to deliver synergies on the back of the most recent Adenza acquisition and position the business to benefit from key secular tailwinds.
Capital Markets ReboundNDAQ is seen as an underappreciated beneficiary of a capital markets rebound, with slower revenue streams like listings expected to re-accelerate as the IPO pipeline improves.
Potential UpsideThe new price target offers 23% potential upside, valuing the shares at a conservative discount to business services peers despite faster revenue growth.