Tradeweb: Accelerating Fundamentals, Premium Profitability, and Multiple Expansion Upside Supporting Buy Rating

UBS analyst Alex Kramm maintained a Buy rating on Tradeweb Markets today and set a price target of $145.00.

Alex Kramm has given his Buy rating due to a combination of factors tied to Tradeweb’s accelerating fundamentals and attractive valuation. He highlights that recent quarterly results and January trading metrics confirm a clear pickup in activity, particularly in the Rates complex and key Credit products, supporting a robust multi‑year growth outlook. With investors shifting their attention away from short‑term noise around credit market share and back to the broader growth story, he sees room for multiple expansion as sentiment normalizes.

On the numbers side, Kramm raises his forward revenue and EPS forecasts, now projecting solid double‑digit revenue growth in FY26 and healthy expansion in FY27, even after assuming slightly higher expenses and modestly lower margins. He notes that expected adjusted EBITDA margins in the mid‑50% range still point to a highly profitable model, and his estimates remain above consensus. Applying a premium earnings multiple to his FY27 EPS forecast yields a $145 price target, which, combined with what he views as near trough valuation levels today, underpins his constructive Buy recommendation.

In another report released yesterday, Bank of America Securities also maintained a Buy rating on the stock with a $203.00 price target.