02:46 PM EDT, 07/31/2026 (MT Newswires) -- MarketAxess ( MKTX ) acquisition by Intercontinental Exchange ( ICE ) will make its shares trade on "deal dynamics," rather than fundamentals until the transaction closes, UBS said in a note Friday.

The company recently agreed to be acquired by Intercontinental Exchange ( ICE ) for $167 per common share, representing an enterprise value of $5.7 billion.

The brokerage also said it is raising both its fiscal 2026 and 2027 EPS estimates by 7% as its expectations for investment-grade volumes increase slightly and expenses are running lower.

UBS downgraded the stock to neutral from buy and lowered the price target to $167 from $200.

Price: 162.28, Change: -0.48, Percent Change: -0.30