BofA lowered the firm’s price target on IntercontinentalExchange (ICE) to $227 from $230 and keeps a Buy rating on the shares. Ahead of Q1 earnings from exchange group, the firm embeds the most recent monthly volume and fee rate disclosures into its models, leading it to modestly lower earnings estimates for Intercontinental Exchange, Nasdaq (NDAQ), MarketAxess (MKTX) and Tradeweb (TW) given a slightly softer March fee rate than expected.
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