JP Morgan reiterated its Overweight rating on IntercontinentalExchange ICE while reducing its price target from $160 to $157.
JP Morgan commented, "We recommend ICE as a core investment idea. We model earnings growth of 6.8% in 2012, which we believe is impressive given a solid 2011 in terms of volumes. We feel success at ICE is based on its focus on the fast growing commodity trading business and a management team that is proactive in terms of both new initiatives and transactions. We see growth opportunities coming out of Carbon and Gas trading in Europe, Brazil initiatives, and the potential for greater involvement in OTC clearing, beyond CDS clearing."
IntercontinentalExchange closed at $130.48 on Tuesday.
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