Jeff Schmitt Reiterates Buy on Tradeweb as Swaps-Driven Growth, Emerging-Market Expansion and Attractive Valuation Offset U.S. Treasury Share Pressure

William Blair analyst Jeff Schmitt has maintained their bullish stance on TW stock, giving a Buy rating on April 22.

Jeff Schmitt has given his Buy rating due to a combination of factors, including Tradeweb’s stronger-than-expected earnings and accelerating revenue growth supported by heightened market volatility. He highlights that swaps remain the primary engine of expansion, benefiting from robust industry activity and renewed market-share gains, while the company’s international operations are scaling rapidly as they penetrate emerging markets.

He acknowledges ongoing share pressure in U.S. Treasuries but expects this to level off near term and improve in 2027 as Tradeweb broadens its liquidity network and digitizes more complex Treasury trading. Schmitt also points to a supportive volume backdrop, further margin improvement, and projected mid-teens EPS growth, noting that the shares trade close to their lowest forward P/E since the IPO, creating an attractive valuation entry point.

In another report released on April 22, Bank of America Securities also maintained a Buy rating on the stock with a $197.00 price target.

Based on the recent corporate insider activity of 62 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TW in relation to earlier this year.