MarketAxess price target lowered to $187 from $195 at BofA

BofA analyst Eli Abboud lowered the firm’s price target on MarketAxess (MKTX) to $187 from $195 and keeps an Underperform rating on the shares. Although core results were in-line with the firm’s estimates, the market structure vertical broadly underperformed, notes the analyst, who views the election outcome as “an incremental negative” given the watering down of Basel III End Game and the negative implications of higher benchmark interest rates for issuance and FPM.