Deutsche Bank Reiterates Buy Rating, $29 PT for NASDAQ OMX Group

In a company update published earlier today, Deutsche Bank AG reiterated its Buy rating and $29.00 price target for the NASDAQ OMX Group, Inc.

. Deutsche Bank said in its report “NASDAQ OMX faced a technical glitch with a high profile IPO (FB) [Facebook] on Friday (2x the volume of the top 8 tech IPOs combined), which led to a delayed opening and some uncertainty in the market. While any technical glitch is negative, occurring with a high profile IPO makes it clearly more embarrassing (though each of the other exchanges have had recent tech issues as well). Bottom line, management has fixed the glitch, and while we think the glitch could modestly impact near term listings and have some associated liability costs, we think the weakness in the stock on Friday discounted these pressures, though it could remain range bound till this clears up.” The NASDAQ OMX Group, Inc. closed on Friday at $21.99.