Morgan Stanley analyst Michael Cyprys downgraded MarketAxess (MKTX) to Equal Weight from Overweight with a price target of $209, down from $247. The firm believes a “benign” credit outlook and strong backdrop for new issuances into 2026 will likely weigh on MarketAxess’ market share. The firm sees a slower revenue and earnings growth profile for the company over the next years. In addition, MarketAxess’ newer protocols and initiatives may take longer to gain traction, adds Morgan Stanley.
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