TMX Group Price Target Raised to $46 at CIBC

MT Newswires Live10-31

CIBC Capital Markets raised its price target on TMX Group Ltd. (X.TO) to $46 from $43.

Analyst Nik Priebe maintained a Neutral rating on shares of the Canadian financial services company.

"TMX reported a 3.5% earnings beat driven by a variety of favourable variances on both revenues and expenses," Priebe said in a note to clients.

"Drilling a bit deeper beyond the headline earnings beat, there were a few mixed takeaways in the quarter," the analyst said. "Trayport growth remained particularly strong, but Datalinx experienced further attrition in subscribers for TSX and TSXV products. Revenue growth was also neutral at VettaFi despite an increase in AUM tracking the indices."

"Overall, nothing stood out as particularly thesis changing and we are raising our price target to reflect a modestly positive revision to our EPS estimates."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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