BofA analyst Eli Abboud lowered the firm’s price target on MarketAxess (MKTX) to $185 from $191 and keeps an Underperform 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 (ICE), Nasdaq (NDAQ), MarketAxess and Tradeweb (TW) given a slightly softer March fee rate than expected.
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