UPDATE: Credit Suisse Reiterates Underperform Rating, Lowers PT on CBOE Holdings, Inc. as Volume Trends Remain Challenged

In a report published Tuesday, Credit Suisse analyst Christian Bolu reiterated an Underperform rating on

, but lowered the price target from $63.00 to $58.00. In the report, Credit Suisse noted, "Earlier this evening, Chicago Board Options Exchange reported February month business trends. Overall activity was tepid, led by weak activity within the VIX complex (options -52% yr/yr, futures -23%). Multi-listed options market share fell a bit, and pricing was modestly weaker than we'd anticipated (index/futures RPC +1-2% mth/mth) in light of the significant drop in like-for-like volumes (-14% mth/mth)." CBOE Holdings, Inc. closed on Monday at $59.48.