Nasdaq initiated with a Hold at TD Cowen

TD Cowen initiated coverage of Nasdaq with a Hold rating and $83 price target. The firm is constructive on the company’s strategic refocus into higher multiple, more recurring platforms – notably capital access and financial technology – which account for a rising 78% of net revenues, also noting that its market potential remains high, with expectations for the management to deliver on annual growth targets while driving further margin and multiple expansion, the analyst tells investors in a research note. TD Cowen adds however that its biggest caution on the stock is just “how high is high” on its underlying valuation – reflecting both strong absolute earnings multiple expansion and the underlying “comps” revaluation.