UPDATE: JP Morgan Lowers Target to $268 on CME Group
JP Morgan maintains its Neutral rating on CME Group (NASDAQ: CME) and lowers its price target by $2 to $268 as it tweaks estimates ahead of company earnings.
JP Morgan says, "We lower our 4Q and forward estimates for CME and further refine our model prior to the 4Q earnings conference call on Thursday. We maintain our Neutral rating. Although valuation remains quite low, we see asset managers as being more attractive than exchanges. We lower our December 2012 price target to $268/share, in line with the reduction in estimates."
CME closed at $240 a share on Monday.
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