KBW Raises MKTX PT To $25

KBW has issued a report raising the Price Target On MarketAxess MKTX to $25.00. According to the report, "We spent time with MKTX management revisiting our thesis and examining the potential for earnings growth beyond expectations. The industry is off to a solid start in 2011 with over $800mn in corporate bond issuance and continuing taxable bond inflows. MKTX's market share is approaching 10% from an average of 8.4% in 2010. We raise estimates to reflect this building momentum. We raise our 12-month PT to $25." MKTX closed yesterday at $24.19 a share.