In a report published Monday, Citigroup analyst Donald Fandetti reiterated a Neutral rating on The NASDAQ OMX Group NDAQ, and raised the price target from $30.00 to $34.00.
In the report, Citigroup noted, “We are lowering our Q2 est to $0.62 (from $0.66) ahead of earnings. Our updated est reflects 1) Q2 volumes and rev capture, 2) higher interest expense from debt issued to fund Thomson Reuters / eSpeed acquisitions, 3) one month of estimated Thomson Reuters results. Our 2013 estimate is unchanged as we lower Q2 and forward volume expectations, offset by the inclusion of Thomson Reuters. We are raising our 2014/2015 est. to $3.08 (from $3.00) and 2015 to $3.38 (from $3.30) to reflect Thomson Reuters and other model assumptions. Note our est do not include eSpeed. Raising our target to $34 on 11x 2014. Raising our multiple to 11x on better outlook for capital markets names and U.S. cash equity volumes and higher comp valuations.”
The NASDAQ OMX Group closed on Friday at $33.89.
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