ICE - Nasdaq downgraded to Neutral at Atlantic Equities as rally stretches valuation

• Nasdaq ( NASDAQ: NDAQ ) was cut to Neutral from Overweight by Atlantic Equities Friday after the stock's 25%+ rally since June has stretched its near-term valuation.
• "We continue to have a very positive view of Nasdaq ( NDAQ ) longer-term, based on management quality, consistency of growth in recurring revenues, and its low penetration of addressable market opportunities," the firm said in a note to clients.
• In the past month, Nasdaq ( NDAQ ) stock has risen 24%, outperforming the S&P 500's 8.8% increase and peers Intercontinental Exchange ( ICE ), +19%, CME Group ( CME ), +3.7%, and Cboe Global ( CBOE ), +6.9% as seen in this chart.
• The Neutral rating agrees with the SA Quant rating of Hold and diverges from the average Wall Street rating of Buy.
• Earlier this week, Rosenblatt Securities gave Nasdaq ( NDAQ ) a Buy rating in new coverage.

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