Crispr Therapeutics shares tumble after significant earnings miss
Investing.com - Raymond (NSE:RYMD) James has reiterated its Market Perform rating on CBOE Holdings (NYSE:CBOE) ahead of the company’s second-quarter 2025 financial results, due in 25 days. According to InvestingPro analysis, CBOE is currently trading slightly above its Fair Value, with the stock near its 52-week high of $240.81.
The investment firm expressed uncertainty about whether CBOE’s index options complex, specifically SPX and VIX products, can maintain its recent pattern of outsized growth.
Raymond James noted that without continued strong performance in these proprietary products, CBOE would need to rely more heavily on non-proprietary products, which have shown improved but inconsistent growth in recent years.
The firm also pointed to CBOE’s Data Vantage business as a potential growth driver, while acknowledging it currently represents a relatively small portion of the company’s overall revenue stream.
Raymond James cited concerns about the durability of CBOE’s growth profile as the primary reason for maintaining its neutral stance on the stock.
In other recent news, Cboe Global Markets announced the migration of its bitcoin and ether futures from the Cboe Digital Exchange to the Cboe Futures Exchange. This move is designed to consolidate all U.S. futures products onto a single platform, enhancing customer access and efficiency. Additionally, Cboe reported mixed trading volumes for May 2025, with a notable year-over-year increase in multiply-listed options contracts and a decline in futures contracts. The company also disclosed executive leadership changes, with Dave Howson resigning as Executive Vice President and Global President, while Cathy Clay and Chris Isaacson will assume expanded roles.
In analyst updates, Morgan Stanley (NYSE:MS) downgraded Cboe’s stock rating to underweight and reduced the price target to $215, citing concerns over potential impacts from declining volatility. Conversely, UBS raised its price target for Cboe to $245 while maintaining a neutral rating, following stronger-than-expected first-quarter results. The firm highlighted Cboe’s growth potential, especially in expanding its market reach among retail and overseas investors. These developments reflect the dynamic environment in which Cboe operates and its ongoing efforts to adapt and grow.
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