Citi Cuts MarketAxess’ Price Target, Shares Fall
<p>Citi analysts reduced their price target on <a href='https://financialmodelingprep.com/financial-summary/MKTX'>MarketAxess (NASDAQ:MKTX)</a> to $330.00 from $415.00 while maintaining a Buy rating. The analysts also initiated a 30-day negative catalyst watch ahead of the release of June/Q2 metrics. Shares fell around 2% intra-day today.</p>
<p>According to the analysts, their estimates have been updated to reflect revised volume assumptions. The revised Q2/23 EPS estimate is $1.56, which is 11% below consensus. The company has been under pressure due to volume trends, and considering the magnitude of the expected revision, there is a potential for further downside in the near term. </p>
<p>However, the analysts believe that Q2 could represent a low point in terms of volumes/FPM, and the outlook for H2/23 is more positive. This is based on the expectation of more consistent issuance trends and potentially increased spread volatility.</p>

NASDAQ:MKTX