Business TransformationThe business is transforming into higher quality, more durable revenue streams with solutions growth and ARR growth supporting this shift.
Market PositionNasdaq is viewed as an underappreciated beneficiary of a capital markets rebound, with revenue streams like listings expected to re-accelerate as the IPO pipeline improves.
New Price TargetThe new price target offers 23% potential upside, valuing the shares at a conservative discount to business services peers despite faster revenue growth.