Raymond James sees little cause for concern on lack of Tradeweb momentum

Raymond James analyst Patrick O’Shaughnessy reiterated a Buy rating and $156 price target on Tradeweb Markets (TW), saying the firm believes the expectation of sustained and substantial market share gains driven by the electronification of fixed income trading is critically important for the shares to maintain a premium valuation multiple. However, in recent quarters Tradeweb’s market share momentum in key products has stalled out, and while the reasons for this stalled progress differ by product, the firm generally sees little cause for concern in swaps and U.S. Treasuries. Raymond James added that it views recent trends in U.S. corporate bonds as a glass half full/half empty story.