IntercontinentalExchange (NYSE:ICE)‘s stock had its “overweight” rating restated by analysts at JPMorgan Chase & Co. in a research report issued to clients and investors on Thursday, AnalystRatings.NET reports. They currently have a $242.00 price target on the stock, up from their previous price target of $235.00. JPMorgan Chase & Co.’s price target suggests a potential upside of 13.99% from the stock’s previous close.
The analysts wrote, “Further conversations with management clarified information provided on pro-forma depreciation and amortization expenses. We had built into our model $81mn of deal amortization costs. We now know that management comments about purchase accounting treatment that is expected to reduce NYX standalone amortization by $64mn annually is net of the $81mn of deal amortization. As such, we eliminate $81mn of amortization expenses in 2014 and 2015, which we now believe is duplicative. We raise our 2014 and 2015 estimates due to the elimination of the amortization costs. Our 2014 estimate goes to $12.01 and our 2015 estimate goes to $14.35. We raise our Dec-14 price target reflecting the higher earnings. Our target goes to $242 from $235.”
Shares of IntercontinentalExchange (NYSE:ICE) traded down 0.24% on Thursday, hitting $211.80. 550,251 shares of the company’s stock traded hands. IntercontinentalExchange has a 52 week low of $122.72 and a 52 week high of $218.13. The stock has a 50-day moving average of $202.5 and a 200-day moving average of $185.6. The company has a market cap of $15.441 billion and a price-to-earnings ratio of 27.86.
IntercontinentalExchange (NYSE:ICE) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $1.97 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.83 by $0.14. The company had revenue of $338.00 million for the quarter, compared to the consensus estimate of $332.79 million. During the same quarter in the previous year, the company posted $1.79 earnings per share. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. On average, analysts predict that IntercontinentalExchange will post $8.27 earnings per share for the current fiscal year.
In other IntercontinentalExchange news, CEO Jeffrey Sprecher unloaded 44,029 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $214.70, for a total value of $9,453,026.30. Following the completion of the transaction, the chief executive officer now directly owns 263,278 shares in the company, valued at approximately $56,525,787. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
A number of other analysts have also recently weighed in on ICE. Analysts at Argus raised their price target on shares of IntercontinentalExchange from $195.00 to $240.00 in a research note to investors on Tuesday, November 26th. They now have a “buy” rating on the stock. Separately, analysts at UBS AG raised their price target on shares of IntercontinentalExchange from $215.00 to $235.00 in a research note to investors on Wednesday, November 20th. They now have a “buy” rating on the stock. Finally, analysts at Jefferies Group set a $235.00 price target on shares of IntercontinentalExchange in a research note to investors on Wednesday, November 20th. They now have a “buy” rating on the stock. Three analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $201.29.
IntercontinentalExchange, Inc (NYSE:ICE) is an operator of global futures exchanges, over-the-counter (OTC), markets, derivatives clearing houses and post-trade services.
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