Raymond James analyst Patrick O’Shaughnessy upgraded IntercontinentalExchange (ICE) to Strong Buy from Outperform with an unchanged price target of $210 ahead of the Q3 earnings report. While a lack of market volatility and the absence of major hurricanes impacting North America were a negative for ICE’s energy futures trading volumes in Q3, this is a “temporary lull,” the analyst tells investors in a research note. The firm believes ICE remains well positioned in the long-term to capitalize on the globalization of energy trading. Raymond James views the stock’s risk/reward as attractive following the recent selloff.
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