From Financial Modeling Prep: 2025-04-10 23:10:00

Bank of America Securities downgraded CBOE Holdings (NYSE:CBOE) from Buy to Neutral, citing potential trading slowdown in second half of 2025. Price target lowered to $227 from $260.

Analysts highlight CBOE’s strong index options advantages but warn of fading favorable conditions that boosted volumes. Concerns include declining retail investor engagement.

Firm cuts volume expectations and adjusts earnings estimates downward. Forecasted earnings for second half of 2025 at $4.60, with full-year estimates for 2026 and 2027 revised to $9.89 and $11.37.

BofA maintains long-term confidence in CBOE’s market positioning but believes growth outlook is becoming less certain, justifying a more cautious stance.



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