BofA Securities Upgrades MarketAxess (MKTX) to Neutral
BofA Securities analyst Eli Abbound upgraded MarketAxess (NASDAQ: MKTX) from Underperform to Neutral with a price target of $170.00.
The analyst comments "We are concluding our long-time Underperform rating and upgrading MarketAxess (MKTX) to Neutral. MKTX was the first mover in corporate bond electronic trading but has been ceding market share to more innovative new entrants (Tradeweb, Trumid). As a percentage of US corporate bond e-trading, their share has declined to 33% from 57% over 5Y. With the valuation sliding to an all-time low of 14x (down 50% over 1Y) at the same time that headwinds are abating, we see an opportunity to be more constructive."
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Shares of MarketAxess closed at $116.33 yesterday.