UPDATE: Jefferies Upgrades Intercontinental Exchange to Buy

Jefferies is out with its report today on Intercontinental Exchange ICE, upgrading ICE from Hold to Buy. In a note to clients, Jefferies writes, "The combination of a compelling valuation and good fundamentals has created an attractive entry point for ICE shares in our view. ICE's trend of above average growth is intact and on track for record results in 2011. At current valuations we believe both CME CME and ICE represent attractive investments for large and mid cap growth investors." Jefferies raises its PT on ICE from $130 to $145. Shares of ICE closed Friday at $118.11, up 0.85% from Thursday's close.