NYSE Euronext, Inc. (NYX) - Bear of the Day
02 Ottobre 2012 - 2:00AM
Zacks
We are downgrading our recommendation on
NYSE Euronext, Inc.
(NYX) to Underperform based on weak volumes and pricing across
trading venues, which led to a reduced top line and lower operating
margin. Its second quarter earnings beat the Zacks Consensus
Estimate by a penny but faltered year over year.
Meanwhile, the recent termination of the European launch of a
new electronic retail derivatives market, which was slated to
launch in the first quarter of 2013 has also eliminated a long-term
revenue potential. We do not expect any radical growth in the
top-line unless the current market recovery provides resonance to
liquidity and credit quality.
Our six-month target price of $22.00 equates to about 11.3x our
earnings estimate for 2012. With an annual dividend of $1.20, this
price target implies a negative total return of 8.3% over that
period. This is consistent with our long-term Underperform
recommendation on the shares.
NYSE EURONEXT (NYX): Free Stock Analysis Report
To read this article on Zacks.com click here.
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