MarketAxess Holdings (MKTX) Stock Overview
Operates an electronic trading platform for institutional investor and broker-dealer firms in the United States, the United Kingdom, and internationally. More details
| Snowflake Score | |
|---|---|
| Valuation | 4/6 |
| Future Growth | 2/6 |
| Past Performance | 5/6 |
| Financial Health | 5/6 |
| Dividends | 5/6 |
Rewards
Risk Analysis
MKTX passed our risk checks.
MKTX Community Fair Values
Create NarrativeSee what 27 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
MarketAxess Holdings Inc. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$113.86 |
| 52 Week High | US$219.18 |
| 52 Week Low | US$108.75 |
| Beta | 0.87 |
| 1 Month Change | -5.82% |
| 3 Month Change | -33.43% |
| 1 Year Change | -47.59% |
| 3 Year Change | -55.40% |
| 5 Year Change | -75.39% |
| Change since IPO | 551.00% |
Recent News & Updates
Narrative Update • Jul 10
MKTX: E Trading Competition And Data Expansion Will Shape Fairly Valued Outlook
Analysts have nudged their fair value estimate for MarketAxess Holdings lower to $124 from $130, reflecting reduced price targets across the Street as they weigh competitive pressure in electronic credit trading against still solid sector fundamentals and valuations. Analyst Commentary Recent Street research on MarketAxess Holdings points to a more cautious tone, with several firms trimming price targets and reassessing how competition and execution risks could affect the company’s growth and valuation.Seeking Alpha • Jul 08
MarketAxess: A High-ROIC Company Trading At An Attractive Valuation
Summary MarketAxess is a high-quality, capital-light company with strong returns, now trading at a compelling valuation after significant multiple compression. Despite competitive pressures from Tradeweb and Trumid, MKTX is growing volumes in emerging markets and Eurobonds, supported by innovative electronic trading tools. Volume growth is outpacing fee-per-million (FPM) compression, with Q1 2026 showing 17% volume growth and steady operating margins despite FPM declines. I expect MKTX to deliver a conservative 5-year annual return in the mid-teens, driven by expanding electronic trading penetration and ongoing share repurchases. Read the full article on Seeking AlphaNarrative Update • Jun 26
MKTX: E Trading Share Stabilization And Data Expansion Will Drive Re Rating
The updated analyst price target for MarketAxess Holdings has moved from about $172 to $130, reflecting a reset of fair value as analysts weigh ongoing market share pressure from competitors against a lower valuation and signs that some headwinds may be easing. Analyst Commentary Recent Street research on MarketAxess Holdings highlights a mixed but cautious tone.Analysis Article • Jun 19
MarketAxess Holdings (MKTX) Stock Could Be 38% Undervalued After TraX Tape Launch
MarketAxess Holdings (MKTX) has launched TraX Tape, a bond market data product designed to simplify UK and EU transparency reforms by providing a consolidated, enriched feed of real-time trading activity and analytics for institutional users. See our latest analysis for MarketAxess Holdings. Against this launch, MarketAxess Holdings’ recent 7 day share price return of 3.4% contrasts with a much weaker picture over longer periods, with the 30 day share price return down 15.2% and the 1 year...Recent updates
Narrative Update • Jul 10
MKTX: E Trading Competition And Data Expansion Will Shape Fairly Valued Outlook
Analysts have nudged their fair value estimate for MarketAxess Holdings lower to $124 from $130, reflecting reduced price targets across the Street as they weigh competitive pressure in electronic credit trading against still solid sector fundamentals and valuations. Analyst Commentary Recent Street research on MarketAxess Holdings points to a more cautious tone, with several firms trimming price targets and reassessing how competition and execution risks could affect the company’s growth and valuation.Seeking Alpha • Jul 08
MarketAxess: A High-ROIC Company Trading At An Attractive Valuation
Summary MarketAxess is a high-quality, capital-light company with strong returns, now trading at a compelling valuation after significant multiple compression. Despite competitive pressures from Tradeweb and Trumid, MKTX is growing volumes in emerging markets and Eurobonds, supported by innovative electronic trading tools. Volume growth is outpacing fee-per-million (FPM) compression, with Q1 2026 showing 17% volume growth and steady operating margins despite FPM declines. I expect MKTX to deliver a conservative 5-year annual return in the mid-teens, driven by expanding electronic trading penetration and ongoing share repurchases. Read the full article on Seeking AlphaNarrative Update • Jun 26
MKTX: E Trading Share Stabilization And Data Expansion Will Drive Re Rating
The updated analyst price target for MarketAxess Holdings has moved from about $172 to $130, reflecting a reset of fair value as analysts weigh ongoing market share pressure from competitors against a lower valuation and signs that some headwinds may be easing. Analyst Commentary Recent Street research on MarketAxess Holdings highlights a mixed but cautious tone.Analysis Article • Jun 19
MarketAxess Holdings (MKTX) Stock Could Be 38% Undervalued After TraX Tape Launch
MarketAxess Holdings (MKTX) has launched TraX Tape, a bond market data product designed to simplify UK and EU transparency reforms by providing a consolidated, enriched feed of real-time trading activity and analytics for institutional users. See our latest analysis for MarketAxess Holdings. Against this launch, MarketAxess Holdings’ recent 7 day share price return of 3.4% contrasts with a much weaker picture over longer periods, with the 30 day share price return down 15.2% and the 1 year...
Narrative Update • Jun 11
MKTX: AI And Global Expansion Will Support Future Electronic Credit Trading Upside
MarketAxess Holdings' analyst fair value estimate has been adjusted slightly higher, from $239.02 to $242.83, as analysts factor in updated expectations for discount rates, revenue growth, profit margins, future P/E and increasing competition in electronic credit trading. Analyst Commentary Recent Street research around MarketAxess highlights a mix of caution and selective optimism as analysts reassess the company’s competitive position in electronic credit trading and its sensitivity to interest rate trends.Narrative Update • May 28
MKTX: Electronic Bond Trading Strength Will Support Future Upside Despite Volume Concerns
MarketAxess Holdings' updated analyst fair value estimate has shifted from about $249 to $239, as analysts trim price targets and factor in slightly lower revenue growth, profit margin assumptions, and future P/E expectations following recent research updates and volume concerns. Analyst Commentary Recent Street research on MarketAxess points to a mixed but still constructive backdrop, with several firms trimming price targets while others highlight long term strengths in the business model and competitive position.Analysis Article • May 09
MarketAxess Holdings Inc. (NASDAQ:MKTX) First-Quarter Results: Here's What Analysts Are Forecasting For This Year
Last week, you might have seen that MarketAxess Holdings Inc. ( NASDAQ:MKTX ) released its quarterly result to the...
Narrative Update • Apr 29
MKTX: Higher Rates Seen Pressuring Volumes While Market Share Supports Upside
Analysts have made only a small tweak to their outlook on MarketAxess Holdings, with the updated blended price target moving by about $2 to reflect adjusted assumptions around growth, margins, and future P/E in light of recent rating changes and target cuts from several firms. Analyst Commentary Recent Street research on MarketAxess Holdings has centered on how changes in interest rate expectations and trading activity could affect growth, profitability, and the valuation multiple investors are willing to pay.Narrative Update • Apr 14
MKTX: Fair Outlook Balances Volume Headwinds With Platform Integration And Buybacks
Analysts have adjusted the MarketAxess Holdings fair value estimate slightly higher from $169.00 to $172.00, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations amid mixed recent ratings and price target revisions on the stock. Analyst Commentary Recent Street research on MarketAxess Holdings has been mixed, with some firms turning more cautious on the stock while others remain constructive.Narrative Update • Mar 31
MKTX: Higher Rates May Curb Volumes While Buybacks And Share Gains Support Upside
Analyst price targets for MarketAxess Holdings have been trimmed by single digit dollar amounts, with cuts such as $9, $5, and $4, as analysts factor in expectations for softer fixed income trading volumes following higher interest rates, while still seeing the company maintaining solid market share. Analyst Commentary Recent research on MarketAxess highlights a mixed backdrop, with several firms trimming price targets by single digit amounts and one downgrade to a Hold rating as expectations for fixed income trading volumes are reassessed following higher interest rates.Narrative Update • Mar 17
MKTX: Rate Headwinds And Volume Uncertainty Will Temper Expansion As Buybacks Support Fair Value
Analysts have made a slight upward revision to the intrinsic value estimate for MarketAxess, with the fair value price target moving by about $1 to $193.70 as they factor in updated views on trading volumes and margins following a series of recent target cuts and a downgrade to Hold. Analyst Commentary Recent research on MarketAxess has turned more cautious, with several firms trimming price targets and one prominent downgrade to Hold from Buy.Narrative Update • Mar 03
MKTX: Electronic Credit Leadership Will Face Slower Expansion As Buybacks Support Fair Value
Analysts have trimmed their price targets on MarketAxess by single digit dollar amounts, with recent cuts such as $5, $9 and $4 reflecting updated views on trading volumes and sector conditions. Fair value in our framework remains at $192.90, supported by steady margin and revenue growth assumptions and a lower future P/E input of 20.65x.Narrative Update • Feb 17
MKTX: Electronic Credit Leadership Will Face Slower Expansion As Buybacks Counter Competition
Analysts have lowered their average price target on MarketAxess by about $7. This reflects slightly reduced fair value and profit margin assumptions, while still incorporating modestly stronger revenue growth and a slightly lower discount rate.Analysis Article • Feb 10
Earnings Beat: MarketAxess Holdings Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models
It's been a good week for MarketAxess Holdings Inc. ( NASDAQ:MKTX ) shareholders, because the company has just released...Analysis Article • Feb 09
MarketAxess Holdings' (NASDAQ:MKTX) Shareholders Will Receive A Bigger Dividend Than Last Year
MarketAxess Holdings Inc. ( NASDAQ:MKTX ) will increase its dividend from last year's comparable payment on the 4th of...Narrative Update • Feb 03
MKTX: Reset Expectations And New Protocols Will Support Future Upside
Narrative Update on MarketAxess Holdings The updated analyst price target for MarketAxess has been trimmed by about $6 to roughly $249. Analysts are factoring in moderated profit margin assumptions and recent target cuts from several firms, while retaining relatively steady views on future P/E and revenue growth potential.Narrative Update • Jan 20
MKTX: Fair Outlook Weighs New Auction Protocols Against Market Share Risks
Narrative Update on MarketAxess Holdings The updated analyst price target for MarketAxess Holdings now sits at US$169, a US$1 adjustment that reflects analysts' recent target trims across the Street, alongside expectations for a slightly higher discount rate, more moderate revenue growth and margins, and a higher future P/E multiple. Analyst Commentary Recent Street research on MarketAxess has tilted cautious, with several bearish analysts trimming price targets and, in one case, cutting the rating, even as some prior notes had been more constructive around quarterly results.Narrative Update • Jan 06
MKTX: Reset Expectations And New Auctions Will Support Future Upside
Analysts reduced their price target for MarketAxess Holdings to US$255 from US$274, reflecting tempered expectations for revenue growth and market share as recent research points to slower growth assumptions, modestly higher discount rates, and potential delays in the traction of newer trading protocols. Analyst Commentary Recent Street research on MarketAxess reflects a mixed but increasingly balanced view, with several firms recalibrating price targets while maintaining neutral or equal weight ratings.Narrative Update • Dec 18
MKTX: Electronic Credit Leadership Will Face Slower Growth Amid Rising Competition
Analysts have trimmed their average price target on MarketAxess Holdings by about $1 to roughly $200, reflecting expectations for slower revenue growth and margin compression amid increasing competitive pressures and a more benign credit backdrop. Analyst Commentary Street research on MarketAxess reflects a more balanced and nuanced view, with modest upside cases increasingly offset by concerns around competitive intensity and a softer credit trading backdrop.Narrative Update • Dec 04
MKTX: Electronic Credit Leadership Will Sustain Earnings Power Despite Market Share Pressures
The analyst price target for MarketAxess Holdings has been revised modestly lower to approximately $201 from about $204, as analysts factor in slower expected revenue and earnings growth amid tougher U.S. credit trends, competitive pressures on market share, and a more measured pace of traction for newer trading protocols. Analyst Commentary Recent Street research presents a mixed backdrop for MarketAxess, with a generally cautious tilt on near term growth and valuation, but some acknowledgment of solid execution and supportive trading conditions.Narrative Update • Nov 20
MKTX: Global Expansion Will Offset Trading Headwinds And Support Share Gains
Analysts have raised their fair value estimate for MarketAxess Holdings to $204.00 from $202.67. This change reflects slightly improved expectations for revenue growth, profit margins, and operational outlook amid ongoing sector headwinds.Analysis Article • Nov 11
MarketAxess Holdings Inc. Just Recorded A 9.5% EPS Beat: Here's What Analysts Are Forecasting Next
Investors in MarketAxess Holdings Inc. ( NASDAQ:MKTX ) had a good week, as its shares rose 6.3% to close at US$169...Narrative Update • Nov 05
MKTX: Global Expansion And Record Trading Volumes Will Drive Future Momentum
Analysts have modestly reduced their price targets for MarketAxess Holdings in recent updates, citing lower market share expectations and persistent industry challenges. The new targets range from $164 to $253, compared to previous levels as high as $274.Narrative Update • Oct 22
Analyst Commentary Highlights Mixed Outlook and Lower Price Target for MarketAxess Holdings
The analyst price target for MarketAxess Holdings has been revised downward by approximately $9 to $202.67, as analysts cite slowing trading volume growth and increased competitive pressures in the sector. Analyst Commentary Recent analyst updates for MarketAxess Holdings highlight a mix of optimism about the company's growth prospects and continued caution regarding competitive pressures and short-term performance.Narrative Update • Oct 08
Emerging Markets And Electronic Trading Will Drive Future Success
The analyst price target for MarketAxess Holdings was reduced by approximately $6.75, reflecting analyst concerns about softer U.S. credit trends as well as modestly lower growth and profitability expectations. Analyst Commentary Recent Street research on MarketAxess Holdings reflects a blend of optimism and caution, with analysts adjusting their price targets and ratings based on evolving sector trends and company performance.Narrative Update • Aug 08
Emerging Markets And Electronic Trading Will Drive Future Success
MarketAxess Holdings’ fair value estimate was revised down as both the forward P/E multiple and consensus revenue growth expectations declined slightly, resulting in the analyst price target dropping from $238.08 to $220.58. What's in the News MarketAxess Holdings is seeking M&A opportunities, citing a strong balance sheet and recent executive changes supporting such initiatives.Analysis Article • Jun 17
Market Participants Recognise MarketAxess Holdings Inc.'s (NASDAQ:MKTX) Earnings
When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") below 17x, you may...Analysis Article • Apr 29
Does MarketAxess Holdings (NASDAQ:MKTX) Deserve A Spot On Your Watchlist?
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...Seeking Alpha • Apr 17
MarketAxess: Volatility Is Good For Business
Summary MarketAxess is poised for a 54% return by 2028, driven by market volatility, strong market position, and structural tailwinds in electronic fixed-income trading. The company benefits from increased demand for electronic trading, data, and analytics, disrupting traditional bond trading methods and enhancing efficiency and transparency. Despite recent headwinds and competitive pressures, MarketAxess' unmatched network, innovative products, and strong financial position provide a durable competitive advantage. Projected 9% revenue CAGR and margin recovery, supported by disciplined cost management and high-margin data business, indicate a modestly attractive entry point with significant upside potential. Read the full article on Seeking AlphaAnalysis Article • Feb 09
Analysts Have Been Trimming Their MarketAxess Holdings Inc. (NASDAQ:MKTX) Price Target After Its Latest Report
Shareholders might have noticed that MarketAxess Holdings Inc. ( NASDAQ:MKTX ) filed its annual result this time last...Analysis Article • Jan 27
Risks To Shareholder Returns Are Elevated At These Prices For MarketAxess Holdings Inc. (NASDAQ:MKTX)
MarketAxess Holdings Inc.'s ( NASDAQ:MKTX ) price-to-earnings (or "P/E") ratio of 30.4x might make it look like a...Seeking Alpha • Jan 10
MarketAxess: Nothing Wrong With These Results, But Potentially Losing More Ground To TradeWeb (Downgrade)
Summary MarketAxess has seen growth rebound, as it continues its track record of profitability, client growth, and cash flow. On the downside, market share in high-grade and high-yield bonds has declined recently, and there are market fears that competitor TradeWeb is stealing the company's cheese. The Federal Reserve's interest rate stance should boost bond trading volumes, so I expect a good 2025 for these firms. Ultimately I downgrade MKTX to Neutral, amid growing competitive concerns. MarketAxess posted excelled trade volumes for Q4, so the jury is still out. But I won't be adding to my position. Read the full article on Seeking AlphaSeeking Alpha • Dec 06
MarketAxess: A Forgotten Stock Worth Buying On The Dip
Summary MarketAxess reported strong Q3’24 results with revenue of $207 million, driven by increased market volumes and impressive operating leverage, leading to a 30% EPS growth. The company's global strategy is paying off, with 37% of commission revenue now from outside U.S. credit, signaling successful global expansion and reduced reliance on a single market. Key growth drivers include international expansion, enhanced trading solutions, and a new partnership with S&P Global, positioning MKTX for continued growth and a competitive edge. Despite a high valuation at 34.0x 2024 earnings, MarketAxess's strong earnings growth, resilient business model, and significant market share expansion potential make it a compelling investment. Read the full article on Seeking AlphaSeeking Alpha • Oct 22
MarketAxess: Expectation Of Breakthrough Earnings Growth
Summary MarketAxess leads in fixed income trading, offering diverse liquidity and cost-saving solutions, with 86.9% of revenue from commissions on its main trading platforms. Despite strong financials and profitability, including a 32.8% net margin and no debt, MKTX's stock trades 52% below its all-time high. MKTX is undervalued historically and relatively, with a P/E ratio of 41.5, lower than peers but earnings growth rates do not match market valuation with a PEG ratio over 3. Management announced that 3Q24 results will be released on 6 Nov and the market is extremely positive in its expectations for an EPS of $1.85, which means 26.9% growth YoY. Read the full article on Seeking AlphaSeeking Alpha • Sep 06
MarketAxess: August Volume Report Shows Strong YOY Growth, But Market Share Continues To Decline
Summary Reiterating HOLD rating on MKTX due to recent market share decline in U.S. High Grade and High Yield credit, despite strong ADNV growth. August 2024 metrics show significant Y/Y growth in ADNV across all credit and rates categories, but market share continues to decline albeit at a slower pace. Forecasting 3Q24 commissions revenue up 12% Y/Y and EPS of $1.68 (+15% Y/Y), driven by higher Fee Per Million in credit. Read the full article on Seeking Alpha
New Narrative • Aug 25
Global Expansion And Tech Innovations Set To Propel Market Dominance And Revenue Surge
MarketAxess' focus on enhancing liquidity and trading outcomes through technological advancements like AI and modern interfaces aims to increase commission revenue and margins.Seeking Alpha • Aug 12
MarketAxess: Electronic Credit Platform With Industry Tailwinds, Valuation Seems Fair
Summary MarketAxess is a global electronic credit trading platform offering trading efficiency, diverse liquidity, and cost savings to institutional investors and broker-dealers. MKTX's revenue growth has slowed due to a decline in commissions revenue growth, but non-commission revenue has remained strong. MKTX's expenses have grown despite revenue headwinds, leading to margin compression and a decrease in operating margin. Read the full article on Seeking AlphaAnalysis Article • Aug 08
MarketAxess Holdings Inc. (NASDAQ:MKTX) Just Released Its Second-Quarter Results And Analysts Are Updating Their Estimates
It's been a good week for MarketAxess Holdings Inc. ( NASDAQ:MKTX ) shareholders, because the company has just released...Shareholder Returns
| MKTX | US Capital Markets | US Market | |
|---|---|---|---|
| 7D | -2.2% | 0.1% | 0.1% |
| 1Y | -47.6% | 2.8% | 20.3% |
Return vs Industry: MKTX underperformed the US Capital Markets industry which returned 2.8% over the past year.
Return vs Market: MKTX underperformed the US Market which returned 20.3% over the past year.
Price Volatility
| MKTX volatility | |
|---|---|
| MKTX Average Weekly Movement | 4.5% |
| Capital Markets Industry Average Movement | 3.9% |
| Market Average Movement | 7.3% |
| 10% most volatile stocks in US Market | 16.7% |
| 10% least volatile stocks in US Market | 3.2% |
Stable Share Price: MKTX has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: MKTX's weekly volatility (5%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2000 | 868 | Chris Concannon | www.marketaxess.com |
MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer firms in the United States, the United Kingdom, and internationally. The company offers trading technology to access liquidity on its platforms in U.S. high-grade bonds, U.S. high-yield bonds, emerging market debt, eurobonds, municipal bonds, U.S. government bonds, and other fixed-income securities; and executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds through its Open Trading protocols. It also provides automated and algorithmic trading solutions, such as X-Pro, a trading platform to combine trading protocols with its proprietary data and pre-trade analytics; and integrated and actionable data offerings, including CP+ and Axess All, a real-time pricing engine, including Auto-X and portfolio trading.
MarketAxess Holdings Inc. Fundamentals Summary
| MKTX fundamental statistics | |
|---|---|
| Market cap | US$4.05b |
| Earnings (TTM) | US$309.44m |
| Revenue (TTM) | US$871.07m |
13.1x
P/E Ratio4.6x
P/S RatioIs MKTX overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| MKTX income statement (TTM) | |
|---|---|
| Revenue | US$871.07m |
| Cost of Revenue | US$330.49m |
| Gross Profit | US$540.58m |
| Other Expenses | US$231.13m |
| Earnings | US$309.44m |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 8.71 |
| Gross Margin | 62.06% |
| Net Profit Margin | 35.52% |
| Debt/Equity Ratio | 19.0% |
How did MKTX perform over the long term?
See historical performance and comparisonDividends
2.7%
Current Dividend Yield36%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/13 04:33 |
| End of Day Share Price | 2026/07/10 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
MarketAxess Holdings Inc. is covered by 22 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| null null | Argus Research Company |
| Benjamin Budish | Barclays |
| Jeremy Campbell | Barclays |