Morgan Stanley analyst Michael Cyprys upgraded MarketAxess (MKTX) to Overweight from Equal Weight with a price target of $263, down from $264. In a tougher macro backdrop with greater need to hedge risks, the firm sees upside to exchanges volumes, most notably rates, credit and index options. The exchanges are “a defensive safe haven” in periods of uncertainty given greater need by market participants to manage and hedge risks, the analyst tells investors.
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