NDAQ Beats Q4 Expectations, Reports Robust Cash Flows
Analyst Daniel T Fannon of Jefferies & Co maintains his "buy" rating on Nasdaq OMX Group (NASDAQ: NDAQ), while reducing his estimates for the company. The target price for NDAQ has been reduced from $25 to $24.
According to Jefferies & Co, Nasdaq OMX has reported its Q4 results marginally ahead of the estimates and the consensus, driven by strength in technology revenues, European derivatives trading and fee based services. “NDAQ's $2.0B debt refinancing in early January provides management with significant flexibility regarding its capital strategy,” the analyst says.
“Management maintained its tight control over expenses with full year 2009 expenses reducing 14% vs 2008 levels,” the analysts add. Jefferies & Co has reduced its EPS estimate for FY10 from $2.10 to $2.00, to reflect the guidance.
