Nasdaq Inc NDAQ stock gained after B of A Securities analyst Craig Siegenthaler double-upgraded the stock from Underperform to Buy and raised its price target from $53 to $90.
Siegenthaler applied a 25x multiple on his 2026 EPS to derive the price target. The multiple implies a slight discount to Nasdaq’s aspirational software and information services peer group but is a premium to its current valuation.
The analyst highlighted that the solutions segment now comprises 78% of revenue. Information services peers like S&P Global Inc SPGI, Moody’s Corp MCO, and MSCI Inc MSCI trade at 30x 2026E earnings and have a fair amount of overlap with Nasdaq’s Capital Access Platforms segment, the analyst said.
Similarly, its FinTech segment comprises 36% of group revenue, with management guiding toward 10%-14% growth over the medium term. Other financial vertical software companies MeridianLink, Inc MLNK, nCino, Inc NCNO, and Jack…
