Morgan Stanley analyst Michael Cyprys maintained a Hold rating on Marketaxess Holdings (MKTX – Research Report) on April 4 and set a price target of $264.00.
Michael Cyprys has given his Hold rating due to a combination of factors affecting MarketAxess Holdings. The company reported a positive increase in credit volumes for the first quarter of 2025, surpassing both Morgan Stanley’s estimates and consensus expectations. However, the capture rate in credit was slightly below expectations, which suggests that while revenues were better than Morgan Stanley’s estimates, they were only in line with consensus.
Despite the growth in trading volumes, the fees per million for credit declined compared to the previous quarter, driven by a shift in product and protocol mix. Additionally, while the market share for US investment-grade and high-yield credit improved month-over-month, it showed a decline year-over-year. These mixed results, alongside the progress in new trading solutions, likely contributed to the Hold rating as the company shows potential but also faces certain challenges.
In another report released today, Barclays also maintained a Hold rating on the stock with a $232.00 price target.
MKTX’s price has also changed moderately for the past six months – from $273.650 to $212.940, which is a -22.19% drop .