03:01 PM EDT, 05/06/2024 (MT Newswires) -- Deutsche Bank views TMX's first quarter results as "relatively good," with total revenue of $346 million beating Deutsche's $334 million estimate and Consensus of $344 million, partially offset by higher than expected adjusted expenses.

The positive revenue surprise was driven by better than expected revenue capture in derivatives as well as stronger Trayport revenue, while VettaFi was also above expectations though offset by higher related expense.

On the call, management highlighted several growth initiatives, including continued progress on growing the Trayport business, and also gave more detail on the revenue/cost profile of VettaFi, and to build a cash equities ATS (alternative trading system) in the U.S.

Deutsche Bank sees the stock fairly valued at current levels.

Maintain Hold rating, $35 target.

Price: 37.00, Change: -0.21, Percent Change: -0.56