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Strategies & Market Trends : stocks for medium & long-term hold durations

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To: rimshot who wrote (47)	10/21/2021 10:01:44 AM
From: rimshot	of 426

NDAQ additional info #2 - CFRA Reduces Opinion On Shares Of Nasdaq, Inc. To Hold From Buy 10:15 AM ET 10/20/2021 CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We now see a relatively fair valuation on our new 12-month target of $212, up by $15 on a P/E of 28x our '22 estimate, near some of its peers but well above its 10-year historical average of 15.6x. We raise '21 and '22 EPS estimates by $0.22 and $0.26 to $7.34 and $7.56. Revenue grew 13% organically, led by the Solutions segment (up 13% organic) as well as Market Services (up 14% organic). Operating expenses grew 24% but only 8% organically, leading to a 100-bp increase in operating margins (non-GAAP) to 53%. We continue to see NDAQ exceeding expectations as it has kept its focus on shedding low return businesses (completed the sale of U.S. Fixed Income business in June), while adding higher return and scalable businesses (such as the recently completed Verafin acquisition). We also think we could see a resurgence of market volatility, which would be an additional benefit and catalyst for NDAQ. We think the underlying secular growth opportunities bodes well for further gains in annual recurring revenues.

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