Oppenheimer analyst Owen Lau raised the firm’s price target on Nasdaq (NDAQ) to $96 from $85 and keeps an Outperform rating on the shares. The firm notes Nasdaq has gone up by 28% since April 7 vs. 19% for S&P 500. Oppenheimer believes lessening concerns on Nasdaq’s Calypso business, increased clarity on tariffs situation, and recovery of the IPO market have supported this outperformance. Higher trading volumes in April/May and stronger than expected equity markets lead the firm to raise its estimates. Longer term, Oppenheimer believes increasing demand for anti-financial crime business, gravitation to thematic and passive investing such as Nasdaq Composite/100, and the IPO comeback can support both predictable earnings growth and multiple expansion.
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