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Research Alert: CFRA Keeps Strong Buy Opinion On Shares Of Cboe Global Markets
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Research Alert: CFRA Keeps Strong Buy Opinion On Shares Of Cboe Global Markets
May 4, 2026 12:51 AM

03:20 AM EDT, 05/04/2026 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target price by $70 to $450, based on a forward P/E of 32.8x our 2027 estimate, a premium to the peer average of 20.3x, given the rapid adoption of CBOE's high-margin derivative products. We raise our 2026 EPS view by $1.86 to $13.49 and lift 2027's by $0.93 to $13.71. Last quarter, we noted that CBOE's guidance appeared conservative and predicted the exchange would surpass the expectations. This view was immediately validated when CBOE raised its 2026 revenue guidance from mid single-digit growth to low-double-digit/mid-teens growth. However, the more significant story is CBOE's operational efficiency gains. Despite revenue surging 29% in Q1 2026, the company kept expense growth to just 4%. We expect this trend to continue as CBOE's strategic restructuring (including selling, winding down, and optimizing certain businesses) will reduce headcount by 20% even as the company posts record revenues. This should drive CBOE's operating margin in 2026 to its highest level since at least 2019.

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