UPDATE: JP Morgan Upgrades The Intercontinental Exchange to Overweight
JP Morgan has published a research report on Intercontinental Exchange (NYSE: ICE) and has upgraded the company from Neutral to Overweight and sees true growth in Europe and gas volumes.
In the report, JP Morgan writes, "We upgrade ICE to Overweight. ICE is one of our favorite stocks as a true growth company within financials. The management team can execute and has vision. With the stock off its highs and ICE and the exchange sector underperforming this year, we are upgrading due to strength in the European business, expectations for near-term and long-term growth in the OTC energy business, and a “free option” in the Carbon trading business. Our risk is ICE wins LME and is perceived to overpay, a risk we expect is partially priced in already."
JP Morgan has raised the price target from $130 to $144 on Intercontinental Exchange, which is currently trading up $1.44 from yesterday's $125.09 closing price.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.