UPDATE: ISI Group Raises PT to $26 on NASDAQ OMX Following Acquisition
ISI Group reiterated its Hold rating on NASDAQ OMX (NASDAQ: NDAQ) but raised its price target from $25 to $26.
ISI Group commented, "NDAQ announced it plans to acquire the investor relations, public relations & multimedia solutions business of Thomson Reuters for $390mn in cash. Mgmt expects the deal to close during 1H13, subject to customary regulatory approvals. The deal more than triples the size of NDAQ's corporate solutions business, adding about 7k customers to NDAQ's 3k customer base (with ~10% overlap) and enhances NDAQ revenue by ~14%."
NASDAQ OMX closed at $24.31 on Wednesday.
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