08:20 AM EDT, 04/17/2024 (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:

After earnings beat, we lift our target price by $24 to $131 on a forward P/E of 19.9x our 2024 EPS estimate, in line with IBKR's five-year average multiple as higher for longer rates and improved trading activity enables IBKR to sustain earnings power into 2025. We raise our 2024 EPS estimate by $0.31 to $6.58 and 2025 by $0.54 to $6.55. IBKR posted Q1 2024 EPS of $1.64 vs. $1.35, a penny consensus beat on revenues that jumped 14% Y/Y. Results were driven by healthy growth in net interest income (NII, +19% Y/Y) as well as strong growth in Commissions (+6% Y/Y). Account growth jumped to 25% Y/Y in Q1, the fastest pace of account growth since Q3 2022. Looking ahead, we see robust account and commissions growth continuing as improved equity market sentiment spurs investing activity and leads to increased trading in options. Further, IBKR continues to benefit substantially from higher rates due to an asset sensitive balance sheet and low duration portfolio. IBKR raised the dividend to $0.25/Q, a 150% increase.