UPDATE: Jefferies Reiterates Buy Rating, Raises PT on CME Group Following Time with Management

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

, and raised the price target from $69.00 to $78.00. In the report, Jefferies noted, “Last week we spent several days with the management team of CME. In addition to record volumes in the core futures business, momentum in OTC clearing is building into the June 10th mandate. While the sustainability of the “rate trade” can be debated, recent trends give a view into the potential for higher volumes in the future.” CME Group closed on Friday at $67.93.