Morgan Stanley analyst Michael Cyprys upgraded the rating on Nasdaq to a Buy today, setting a price target of $110.00.
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Michael Cyprys’s rating is based on a combination of factors that highlight Nasdaq’s potential for growth and transformation. He notes that the company’s revenue growth is poised to accelerate as the capital markets recover, supported by favorable macroeconomic conditions through 2026. Additionally, Nasdaq’s business transformation is gaining momentum, shifting towards higher quality revenue streams, which is expected to enhance its valuation.
Cyprys also points out that Nasdaq’s shares present an attractive entry point, having underperformed compared to its peers despite a year-to-date increase. The stock trades at a discount relative to its three-year average price-to-earnings ratio, suggesting room for re-rating. Furthermore, the company’s management execution and synergies from acquired businesses in fast-growing sectors bolster the case for a premium valuation, making Nasdaq an appealing investment opportunity.
According to TipRanks, Cyprys is a 4-star analyst with an average return of 4.2% and a 54.07% success rate. Cyprys covers the Financial sector, focusing on stocks such as Marketaxess Holdings, Tradeweb Markets, and Intercontinental Exchange.