Do Wall Street Analysts Like Cboe Global Markets Stock?

Sohini Mondal Barchart Sat Nov 30, 9:13AM CST
Cboe Global Markets Inc_ logoon phone-by Piotr Swat via Shutterstoc

Valued at a market cap of $22.6 billion, Cboe Global Markets, Inc. (CBOE) is a leading global exchange operator, offering a wide range of trading products across various asset classes, including options, equities, futures, foreign exchange, and digital assets. The  Chicago, Illinois-based company is one of the largest stock exchange operators by volume in the United States and a dominant player in European markets.

The holding company's shares have underperformed the broader market over the past 52 weeks. CBOE has increased 20.3% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 32.6%. In 2024, shares of CBOE are up 20.9%, compared to SPX’s 26.5% gain on a YTD basis. 

In addition, CBOE has also lagged behind the Financial Select Sector SPDR Fund’s (XLF) 44.6% return over the past 52 weeks and 36.5% return on a YTD basis. 

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Despite reporting better-than-expected Q3 net revenue of $532 million and adjusted EPS of $2.22, shares of CBOE fell 1.7% on Nov. 1 due to a weaker-than-expected performance in its U.S. equities segment, with a decline in market share and lower off-exchange market share. Additionally, the company’s forecasted increase in operating expenses to $798 million-$808 million, raised concerns about potential cost pressures. Lastly, the market's focus on broader macroeconomic factors and a higher effective tax rate dampened investor enthusiasm.

For the current fiscal year, ending in December, analysts expect CBOE’s EPS to grow 11% year-over-year to $8.66. The company’s earnings surprise history is promising. It beat the consensus estimates in the last four quarters. 

Among the 17 analysts covering the stock, the consensus rating is a “Moderate Buy.” That’s based on five “Strong Buy” ratings and 12 “Holds.”

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On Nov. 11, Deutsche Bank analyst Brian Bedell upgraded Cboe Global Markets to a "Buy" rating from "Hold" and set a price target of $222. 

As of writing, CBOE is trading above the mean price target of $213.81. The Street-high price target of $232 implies a potential upside of only 7.5% from the current price levels. 


On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.