Analyst Etienne Ricard from BMO Capital maintained a Buy rating on TMX Group (TMXXF – Research Report) and increased the price target to C$57.00 from C$55.00.
Etienne Ricard has given his Buy rating due to a combination of factors, primarily highlighting TMX Group’s strong organic growth potential and robust performance in derivative volumes. The company has demonstrated resilience in challenging market conditions, with record volumes in derivatives and equity options, suggesting a solid business model that can withstand market volatility.
Additionally, TMX Group’s diversification and the rising organic growth of VettaFi contribute to its promising outlook. The company’s strategic initiatives and progress towards transformational objectives further enhance its growth prospects, supporting a premium valuation. The target price has been increased, reflecting confidence in TMX’s ability to deliver consistent financial performance and capitalize on its growth opportunities.
In another report released yesterday, Canaccord Genuity also maintained a Buy rating on the stock with a C$52.00 price target.
TMXXF’s price has also changed moderately for the past six months – from $30.300 to $36.370, which is a 20.03% increase.