UPDATE: UBS Investment Research Lowers PT on CME Group Following Solid 2Q Results

In a report published Friday, UBS Investment Research analyst Alex Kramm reiterated a Buy rating on CME Group CME, but lowered the price target from $84.00 to $83.00.

In the report, UBS Investment Research noted, “Despite solid 2Q results CME declined some 3% today. We believe investors were overly focused on slightly higher expense guidance, lower OTC clearing fee capture, energy pricing incentives, and a sharp slowdown in July volumes (from elevated levels). Given the significant run in the shares in May/June, we are not surprised to see the stock take some pause. That said, we believe the current weakness provides a nice set-up into the fall, when debate about monetary policy should increase again and new growth initiatives play out further.”

CME Group closed on Thursday at $72.17.