UPDATE: Stifel Nicolaus Downgrades MarketAxess Holdings to Hold on Valuation, EPS Deceleration
Stifel Nicolaus reduced its rating on MarketAxess Holding (NASDAQ: MKTX) from Buy to Hold and removed its previous $40 price target.
Stifel Nicolaus commented, "We are downgrading shares of MKTX from Buy to Hold following a disappointing August volume report and what we see as a significant slowdown coming in revenue and EPS growth in 2H12. Given our reduced EPS forecast, we see limited upside from current levels following a ~30% run in the shares over the last two months, compared to a 6% gain in the S&P 500. Under our previous valuation framework of 11x 2013E EBITDA, we estimate fair value at $36/sh."
MarketAxess Holdings closed at $34.00 on Wednesday.
Latest Ratings for MKTX
|Jul 2016||Keefe Bruyette & Woods||Maintains||Outperform|
|Jul 2016||Raymond James||Downgrades||Outperform||Market Perform|
|Jun 2016||William Blair||Initiates Coverage on||Market Perform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.