Why IEX Shares Are Rebounding Today After 17% Fall In 2 Days

IEX‘s share price jumped back into the green on Thursday morning after tanking 17% in the past two sessions.

What Happened: Investec has initiated a “long FAST” rating on IEX setting a price target of ₹215. The brokerage firm expects IEX to report a 44% overall volume growth and a 17% core volume growth (ex-REC) during the September quarter.

It expects this growth to drive a surge of over 30% year on year in IEX’s EBITDA during the same period.

Investec also expects further clarity on market coupling timelines during the results. However, it believes that the operational implementation process will take at least two years, which should keep IEX’s near-term earnings stable.

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The bullish call comes as the IEX share price has been taking a beating at the bourses. The recent slump in IEX shares can be traced back to the government’s decision to proceed with a market coupling proposal. The Power Ministry reaffirmed its commitment to the market coupling of power exchanges.

The National Stock Exchange (NSE) also banned trading in IEX in the futures and options (F&O) segment.

Price Action: IEX’s share price was up 1.67% to trade at ₹205.90 as the markets opened on Thursday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.