MarketAxess rated new Underperform at BofA on volume-growth headwinds

seekingalpha04-10

Bank of America Global Research started coverage of MarketAxess (NASDAQ:MKTX) stock with an Underperform rating on Wednesday on the basis of "broad-based headwinds to credit volume growth." MKTX ...

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Specifically, analyst Eli Abboud expects the electronic trading platform to post 6% annualized credit volume growth through 2026, trailing the 11% consensus. \"Higher-for-longer interest rates and the emergence of private credit will hamper bond issuance, which is a principal driver of industry volumes,\" he wrote in a note to clients. In addition to credit-issuance headwinds, the analyst's rating reflected the company's challenges to drive innovation, as well as \"capability gaps in their growth initiatives.\" Abboud's Underperform rate aligns with the SA Quant system rating of Sell and diverges from the average Wall Street analyst rating of Hold. On Tuesday, meanwhile, MarketAxess's (MKTX) peer Tradeweb (TW) landed an Outperform rate from William Blair as several catalysts are set to drive solid earnings growth over the near-term. BofA's Abboud also talked up TW in terms of innovation, noting it has \"popularized net spotting, sweeps, rematch, and portfolio trading in credit.\"  More on MarketAxess  High-Quality Dividend Growth Near 52-Week Lows: MarketAxess Is Magnificent (Rating Upgrade) MarketAxess Holdings: 2024 Setting Up To Be A Make Or Break Year MarketAxess Holdings, Inc. 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