UPDATE: Jefferies Reiterates Buy Rating, Raises PT on IntercontinentalExchange Following NYSE Euronext Merger Close

In a report published Tuesday, Jefferies analyst Daniel T. Fannon reiterated a Buy rating on

, and raised the price target from $185.00 to $215.00. In the report, Jefferies noted, “Following the close of the pending NYSE Euronext merger, ICE's business mix will be dramatically more diversified. However, as the integration unfolds and all business segments are evaluated, we believe the primary focus will remain on ICE's core business. The outlook for sustained growth remains attractive and as ICE is able to selectively prune its pro forma portfolio of assets, multiple expansion will occur.” IntercontinentalExchange closed on Friday at $167.66.