Microvast Holdings announces departure of chief financial officer
Investing.com - Goldman Sachs downgraded Tradeweb Markets (NASDAQ:TW) from Buy to Neutral on Thursday, setting a price target of $136.00, which represents a 7% downside from current levels. According to InvestingPro data, the stock currently trades at a P/E ratio of 53.4, suggesting a premium valuation. The platform’s Fair Value analysis indicates the stock may be overvalued at current levels.
The downgrade comes despite Goldman Sachs continuing to view Tradeweb as one of the fastest-growing exchanges and trading platforms in the space, benefiting from electronification of fixed income markets, multi-asset exposure, and global reach. This growth perspective is supported by the company’s impressive 29% revenue growth over the last twelve months, with InvestingPro analysis showing excellent financial health scores and strong liquidity with a current ratio of 5.34.
Goldman Sachs cited several factors for the rating change, including stagnating market share across Credit, Cash Treasuries, and Equities segments, which represent over 45% of Tradeweb’s revenues, making the company more susceptible to industry volume swings rather than generating idiosyncratic growth.
The firm also pointed to competitive dynamics in Credit likely weighing on industry-wide fee-per-million dynamics, signs of maturity within Portfolio Trading (a key growth contributor in recent years), and cyclically tough industry volume comparisons after significant volatility in the first half of 2025.
Goldman Sachs now expects Tradeweb’s organic revenue growth to decelerate from approximately 17% CAGR between 2022-2025 to an 11% CAGR from 2025-2027, while remaining bullish specifically on Tradeweb’s Rates/Swaps business, which represents about 25% of revenues.
In other recent news, Tradeweb Markets reported its Q2 2025 earnings, slightly surpassing analysts’ expectations with an earnings per share (EPS) of $0.87, compared to the forecasted $0.86. Although the company experienced a minor revenue miss, investor sentiment remained positive, attributed to robust international growth and strategic investments in technology. Barclays (LON:BARC) responded by raising its price target for Tradeweb Markets from $152 to $170, maintaining an Overweight rating on the stock. These developments reflect a positive outlook from analysts, with Barclays highlighting the company’s performance and potential. The earnings report and analyst upgrade underscore the firm’s efforts to strengthen its market position. Investors are closely monitoring these strategic moves and their impact on future performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.