J.P. Morgan Lowers Price Target On Intercontinental Exchange (ICE)

J.P. Morgan Chase & Co. is lowering its price target on The Intercontinental Exchange ICE to $136 from $138, but is keeping its Overweight rating after it reported earnings yesterday. In a note to clients, J.P. Morgan writes, "ICE reported earnings that were largely in line with our expectations, but beat EPS due to lower taxes and better-than-expected non-credit OTC fees. The business seems very much on track, with UK and US futures volumes strong, with slower growth in its OTC franchise. OTC clearing awaits higher industry CDS trading volume. We maintain our Overweight rating with ICE as a favorite long-term investment due to strong management and a strong growing business mix." Shares of ICE lost 60 cents yesterday to close at $114.27, a loss of 0.5%.