UPDATE: J.P. Morgan Downgrades CME to Neutral
According to J.P. Morgan, CME Group (NYSE: CME) is downgraded to Neutral.
J.P. Morgan said that it downgrades CME from Overweight to Neutral. CME benefited from high volatility in 2011 as numerous global shocks elevated volumes and earnings. “We lower our estimates and our price target, and while CME is cheap and likely undervalued, we see exchanges as a source of funds given strong relative performance in ‘11 and the risk of flat volumes in ‘12.”
CME Group closed yesterday at $238.62.
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