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

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

May 2021Argus ResearchMaintainsBuy
May 2021Deutsche BankMaintainsBuy
May 2021OppenheimerMaintainsOutperform

View More Analyst Ratings for CBOE
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