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Intercontinental Exchange Up on Goldman Sachs Rating Upgrade

Published 06/23/2021, 11:06 PM
Updated 06/23/2021, 11:06 PM
© Reuters.

© Reuters.

By Christiana Sciaudone

Investing.com -- Intercontinental Exchange (NYSE:ICE) increased more than 1% after Goldman Sachs (NYSE:GS) called it a "conviction buy."

Analyst Alexander Blostein upgraded shares from a regular buy with a price target of $141, StreetInsider reported.

"We add Buy-rated ICE to Americas Conviction List with a 12-month price target of $141, implying 24% upside from current levels," Blostein wrote in a note.

The analyst noted that the company has been "among the biggest laggards in our coverage" in 2021, flat as the SPX is up 12%. Valuation is at a discount, he said. 

"We see ICE delivering 6% 2022 and 2023 revenue growth (even with headwinds from lower refi)," Blostein wrote. "Further, we think ICE's balanced revenue mix is well-positioned to perform under a wide range of both re-flationary and de-flationary conditions, with a long-term revenue growth algorithm of 4%-7%."

Shares are up almost 30% over the past 12 months.

 

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