Update shared on 01 Dec 2025
Fair value Decreased 0.41%The analyst price target for Cboe Global Markets has been adjusted upward to approximately $290, as analysts highlight record revenue growth and stronger-than-expected Data Vantage performance. These factors are supporting a positive outlook for the company's shares.
Analyst Commentary
Recent analyst updates on Cboe Global Markets reflect a mix of optimism regarding the company’s execution and growth prospects, but also acknowledge some caution amid evolving market conditions. Below are the key perspectives:
Bullish Takeaways- Bullish analysts have raised price targets for Cboe Global Markets, highlighting strong double-digit revenue growth across all core business lines.
- Unexpected strength in Data Vantage revenues, with an estimated 11% year-over-year increase, prompted upward revisions to future guidance.
- Volumes in futures and options have shown steady or notable growth compared to previous quarters, supporting confidence in sustained performance.
- Despite periods of lower overall market volatility, Cboe’s focus on retail-centric asset classes and a diversified business mix has allowed it to outperform many exchange peers.
- Some bearish analysts have slightly lowered their price targets, citing a recent decline in the revenue capture rate for multi-listed options, which fell over 20% quarter over quarter.
- Lower levels of volatility in the broader market have dampened exchange volumes for some asset classes, leading to reduced near-term earnings projections.
- Strategic adjustments to reinforce market share in options trading could pose execution risks and pressure future fee rates.
- There is continued scrutiny of retail trading dynamics, as trends in tokenization and global market activity could impact overall momentum heading into year end.
What's in the News
- Cboe Global plans to release its own prediction markets offering within months, intentionally avoiding sports-related products at launch (Bloomberg).
- Cboe will launch futures and options on the new Cboe Magnificent 10 Index (MGTN), targeting U.S.-listed technology and growth stocks. This is scheduled to begin December 8, 2025, pending regulatory review.
- The company announced new Cboe Bitcoin Continuous Futures (PBT) and Ether Continuous Futures (PET), which are set to begin trading on December 15, 2025, subject to regulatory approval, and will offer long-term digital asset market exposure.
- Cboe revised its 2025 earnings guidance, now expecting organic net revenue growth in the "low double-digit to mid-teens" range, compared to the previous "high single-digit" guidance.
Valuation Changes
- The Fair Value estimate has decreased slightly from $256.67 to $255.62.
- The Discount Rate remains unchanged at 8.24%.
- The Revenue Growth projection is still negative, with a slight additional decline from -16.55% to -16.61%.
- The Net Profit Margin has improved modestly from 44.34% to 44.43%.
- The Future P/E ratio has decreased slightly from 28.45x to 28.34x.
Disclaimer
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