UPDATE: JP Morgan Raises PT to $53 on CME Group on Good February Volumes

JP Morgan maintained CME Group

with an Underweight rating and raised the price target from $51.00 to $53.00. JP Morgan noted, "CME is tracking at an overall Q-o-Q volume increase of ~20% in 1Q13, with particular strength in interest rates (45%), FX (28%) and metals (25%) products. We expect March could be slower than January and February with open interest in CME's legacy businesses down 8% Y-o-Y in 1Q13 following lower Y-o-Y decreases of 4% in 1Q12 and a 14% increase in 1Q11. Accordingly, we continue to see the volume growth trend as possibly normalizing in March with a correction in near-term velocity." CME Group closed at $60.88 on Monday.