Cboe Faces Downgrade: Analyst Warns Of Earnings Risks Amid Valuation Concerns And Sluggish Volume
Cboe Faces Downgrade: Analyst Warns Of Earnings Risks Amid Valuation Concerns And Sluggish Volume
Morgan Stanley analyst Michael J. Cyprys downgraded Cboe Global Markets, Inc. (BATS:CBOE) to Underweight from Equal-Weight, with a price forecast of $199 (unchanged).
摩根士丹利分析師Michael J. Cyprys將cboe全球市場公司（BATS:CBOE）的評級從同等權重下調至低於同等權重，並預測股價爲199美元（不變）。
The analyst highlights three key concerns that could impact earnings, sentiment, and valuation, leading to their downgrade: decelerating volume growth, limited potential for margin expansion due to management's focus on stability and investments, and a preference for M&A over divestitures, with fewer share repurchases.
分析師指出了三個可能影響收入、情緒和估值的關鍵問題，導致了他們的評級下調：成交量增長放緩、管理層專注穩定性和投資導致利潤空間擴張有限、偏向於併購而非剝離，且減少回購股份。
The analyst explains that the stock was downgraded due to its premium valuation, which seems to reflect expectations of strong topline growth. However, risks are seen in decelerating volumes and revenue, which could result in earnings disappointments and a contraction in the stock's multiple.
分析師解釋稱，該股票因其溢價估值而被降級，這似乎反映了對強勁收入增長的預期。然而，放緩的成交量和營業收入存在風險，可能導致盈利令人失望，股價乘數收縮。
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Cyprys notes that an improved macroeconomic environment offers fewer catalysts to drive volume growth to new highs, especially after the U.S. election and with a rising likelihood of a soft landing.
Cyprys指出，改善的宏觀經濟環境提供的催化劑較少，特別是在美國選舉後以及軟着陸可能性上升之後，推動成交量增長創下新高的催化劑較少。
The analyst mentions that new initiatives like the Robinhood launch may take time to have a significant impact on volumes.
分析師提到，像羅賓漢推出這樣的新倡議可能需要一段時間才能對成交量產生重大影響。
Additionally, a shift toward single-name options and higher OCC margin requirements present further risks to the growth of index options.
此外，向單一名稱期權和更高的OCC按金要求的轉變進一步爲指數期權的增長帶來風險。
The analyst projects tough comparisons due to a sharp slowdown in index option volume growth, which may bring revenue growth closer to management's medium-term guidance of 5-7%.
由於指數期權成交量增長急劇放緩，導致難以比較，可能使營業收入增長更接近管理層的中期指引5-7%。
However, the stock is priced for stronger growth, in the high single to double digits, similar to the ~11% average seen by CBOE in recent years. While new initiatives could drive growth, the analyst writes that they will take time to materialize.
然而，股票定價較高，增長強勁，高個位數到兩位數，類似於近年來cboe平均看到的約11%。儘管新舉措可能推動增長，但分析師寫道，這需要時間才能實現。
Price Action: CBOE shares are down 5.49% at $200.52 at the last check Wednesday.
價格走勢：cboe股價上週三最後一次檢查時下跌5.49%，報200.52美元。
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譯文內容由第三人軟體翻譯。
