MarketAxess price target raised to $204 from $202 at Piper Sandler

Piper Sandler raised the firm’s price target on MarketAxess (MKTX) to $204 from $202 and keeps a Neutral rating on the shares. Heading into Q2 earnings, the firm expects management teams to strike a positive tone on the outlook for volumes and growing momentum in retail derivatives trading. However, the exchange businesses will face difficult year-over-year comparable sales in the second half of 2025 as they lap elevated second half of 2024 volumes impacted by the U.S. Presidential Election. With that in mind, Piper sees more upside in diversified, less volume-sensitive stocks.