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Investing.com - Raymond James initiated coverage on Miami International Holdings (NYSE:MIAX) with a Market Perform rating on Monday. The company, currently valued at $3.01 billion, is trading at a notably high P/E ratio of 1,811x, with InvestingPro data indicating overbought conditions.
The financial services firm cited MIAX’s consistent and healthy U.S. options market share gains since its launch in late 2012, along with benefits from overall market volume growth in the options sector. The company maintains strong liquidity with a current ratio of 1.65 and has achieved impressive revenue growth of ~20% over the last twelve months.
Raymond James noted that MIAX’s earnings outlook primarily revolves around its U.S. options business, with potential upside from newer initiatives including an index partnership with Bloomberg and the expected launch of crypto and event futures.
The firm also highlighted that a bull case for the stock includes investor perception that MIAX may ultimately become an acquisition target for larger market players.
Despite acknowledging these positive attributes, Raymond James indicated that the stock’s post-IPO price increase has resulted in a balanced risk/reward profile at current levels, leading to the neutral Market Perform rating.
In other recent news, Miami International Holdings has received attention from several financial analysts. William Blair initiated coverage on the company with an Outperform rating, identifying it as an emerging player in the derivatives exchange sector. Keefe, Bruyette & Woods also initiated coverage, assigning a Market Perform rating and setting a price target of $37. Piper Sandler gave Miami International Holdings an Overweight rating, with a price target of $39, highlighting its growth since going public. Additionally, Morgan Stanley initiated coverage with an Overweight rating and a price target of $42, noting a potential 17% upside to this target. The firm also indicated a potential 67% upside in a bullish scenario and a 47% downside in a bearish scenario. These recent analyst ratings and projections provide investors with varied insights into Miami International Holdings’ potential market performance.
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