Nasdaq: Broad-Based Volume Momentum and Robust Trading Activity Support Buy Rating on NDAQ

William Blair analyst Jeff Schmitt has maintained their bullish stance on NDAQ stock, giving a Buy rating on January 30.

Jeff Schmitt has given his Buy rating due to a combination of factors tied to Nasdaq’s strong trading activity at the start of 2026. He points to robust volume expansion in key segments, with particularly notable gains in U.S. equity options and both U.S. and European cash equities, which together represent the majority of Market Services revenue. The resilience of U.S. options trading, even against difficult prior-year comparisons, suggests sustained retail participation and healthy underlying demand. At the same time, the solid performance in cash equity trading reflects supportive market conditions and seasonal tailwinds that have carried into the new year.

While the smaller European derivatives business experienced a decline in activity, Schmitt appears to view this as modest relative to the strength in the company’s larger, higher-contribution businesses. Taken together, the broad-based volume momentum across core markets underpins his constructive view on Nasdaq’s earnings power. These operating trends, in his analysis, support the expectation of continued revenue growth and justify a favorable risk-reward profile for the stock. As a result, he believes the current fundamentals and trading environment warrant a Buy recommendation on NDAQ shares.

In another report released on January 30, Morgan Stanley also maintained a Buy rating on the stock with a $116.00 price target.