MarketAxess' Shares Will Trade on Intercontinental Exchange 'Deal Dynamics,' UBS Says

MT Newswires Live08-01

MarketAxess (MKTX) acquisition by Intercontinental Exchange (ICE) will make its shares trade on "deal dynamics," rather than fundamentals until the transaction closes, UBS said in a note Friday.

The company recently agreed to be acquired by Intercontinental Exchange for $167 per common share, representing an enterprise value of $5.7 billion.

The brokerage also said it is raising both its fiscal 2026 and 2027 EPS estimates by 7% as its expectations for investment-grade volumes increase slightly and expenses are running lower.

UBS downgraded the stock to neutral from buy and lowered the price target to $167 from $200.

Price: 162.28, Change: -0.48, Percent Change: -0.30

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