UPDATE: Bank of America Reiterates on CBOE on Valuation

In a report published Monday, Bank of America analyst Michael Carrier reiterated a Neutral rating on CBOE CBOE, and raised the price target from $54.00 to $55.00. In the report, Bank of America noted, “CBOE reported operating EPS of $0.52, beating expectations primarily due to a lower tax rate and slightly lower expenses, partially offset by slightly lower revenues. Overall, it was a good quarter, and while recent volumes have picked up and growth in proprietary products has been strong, given its valuation, recent spikes in volatility have not held up, strong competition in multiply listed products, and some regulatory uncertainty, we remain at Neutral.” CBOE closed on Friday at $53.42.