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Barclays Cuts CBOE Holdings' Q3 EPS View, Target After Weak August Volumes

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Barclays Cuts CBOE Holdings' Q3 EPS View, Target After Weak August Volumes

Barclays has maintained its Underweight rating on CBOE Holdings, Inc (NASDAQ: CBOE) and cut its third-quarter EPS estimate by $0.07 to $0.54 as August metrics highlighted weaker volumes and lower market share.

August average daily volume (ADV) of 4.1 million total option contracts on CBOE fell 13 percent month-on-month and 31 percent year-over-year. Barclays trimmed its third-quarter total options ADV estimate to 4.24 million from 4.59 million.

Related Link: CBOE Holdings Reports August 2016 Trading Volume Of 4.1M Contracts, Down 13% YoY

"We saw a decline in total RPC trends for the three months ended July ($0.401 vs. $0.405), primarily driven by equity and ETP options pricing. Our overall 3Q16 RPC estimate moves to $0.387 from $0.394," analyst Kenneth Hill wrote in a note.

Hill also slashed his 2016 EPS estimate to $2.34 from $2.47 and price target to $52 from $54.

At time of writing, shares of CBOE fell 1.13 percent to $68.17.

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Latest Ratings for CBOE

DateFirmActionFromTo
May 2021Argus ResearchMaintainsBuy
May 2021Deutsche BankMaintainsBuy
May 2021OppenheimerMaintainsOutperform

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