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Investing.com - Morgan Stanley initiated coverage on Miami International Holdings (NYSE:MIAX) with an Overweight rating and a $42.00 price target on Monday. The company, currently trading at $34.95 with a market capitalization of $3.01 billion, has demonstrated strong financial health with a current ratio of 1.65 and impressive revenue growth of ~20% over the last twelve months.
The firm’s analysis points to a 17% upside potential to its price target, with a favorable risk-reward profile showing a potential 67% upside to its bull case of $60 and a more limited 47% downside to its bear case of $19.
Morgan Stanley derived the $42 price target using a 22.5x target P/E multiple on projected 2027 earnings of $1.87, representing a discount to the peer average of 23x 2026 P/E with a roll forward to 2027.
The valuation implies a 15.9x EBITDA multiple, in line with peers trading at approximately 16x on average, while the firm believes a premium to peers on P/E is warranted due to faster growth compared to industry peers.
Morgan Stanley forecasts a 13% revenue CAGR and 24% EBITDA CAGR for Miami International Holdings across 2025-2027, outpacing peer averages of 9% and 8% respectively, driven by structural tailwinds from greater options trading adoption and continued market share gains.
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