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In a report published Thursday, J.P. Morgan analyst Kenneth B. Worthington reiterated an Overweight rating on
The Intercontinental Exchange GroupICE, and raised the price target from $235.00 to $242.00.
In the report, J.P. Morgan noted, “Further conversations with management clarified information provided on pro-forma depreciation and amortization expenses. We had built into our model $81mn of deal amortization costs. We now know that management comments about purchase accounting treatment that is expected to reduce NYX standalone amortization by $64mn annually is net of the $81mn of deal amortization. As such, we eliminate $81mn of amortization expenses in 2014 and 2015, which we now believe is duplicative. We raise our 2014 and 2015 estimates due to the elimination of the amortization costs. Our 2014 estimate goes to $12.01 and our 2015 estimate goes to $14.35. We raise our Dec-14 price target reflecting the higher earnings. Our target goes to $242 from $235.”
The Intercontinental Exchange Group closed on Wednesday at $212.30.
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