Credit Suisse Sees Resilient Market Share for MarketAxess Holdings Despite Heavy Issuance Backdrop

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In a report published Friday, Credit Suisse analyst Ashley N. Serrao reiterated an Underperform rating and $52.00 price target on
MarketAxess HoldingsMKTX
. In the report, Credit Suisse noted, “After the market close, MarketAxess reported September business trends. Adjusted investment grade market share inched higher by 10 bps mth/mth to 14.6%–an impressive performance in light of HY issuance nearly doubling from August levels. We believe an increase in volatility and spreads coupled with constrained dealer balance sheets helped drive more secondary trading activity as investors rebalanced their portfolios with smaller trades. In addition, trends within high yield were also robust as rate volatility drove heavy outflows out of high yield funds. All in all, we raise our 3Q estimate to $0.47 (old: $0.45).” MarketAxess Holdings closed on Thursday at $61.78.
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Posted In: Analyst ColorReiterationAnalyst RatingsAshley N. SerraoCredit Suisse
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