Could Nasdaq’s (NDAQ) Data Partnership Rewrite Its Competitive Advantage in Private Markets?

• On November 6, 2025, LSEG announced a collaboration with Nasdaq to integrate Nasdaq's eVestment™ private markets datasets into LSEG's Workspace and Datafeeds, aiming to expand access to institutional-grade private markets intelligence.
• This agreement highlights the growing importance of data transparency and private market infrastructure across global investment platforms, positioning both firms to provide enhanced decision-making tools for clients.
• We'll assess how Nasdaq's expanded data distribution through LSEG could reshape its diversified revenue narrative and long-term market positioning.

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Nasdaq Investment Narrative Recap

To be a Nasdaq shareholder, you need confidence in its transformation from a traditional exchange operator to a global financial technology and data leader, fueled by product innovation, global expansion, and key partnerships. The recent LSEG agreement underscores efforts to diversify revenue by scaling exclusive data distribution, but it is unlikely to materially alter the primary short-term catalyst: accelerating client adoption of Nasdaq's cloud-based solutions, while competitive and macroeconomic uncertainties remain the most prominent risk right now. Among recent announcements, Nasdaq’s expanded partnership with Amazon Web Services on October 25 is most relevant. This initiative strengthens its technology platform, helping address both existing and emerging client needs, an important catalyst in driving adoption and supporting wider resilience alongside new private market data partnerships. In contrast, investors should be aware that competitive pressure in financial technology could…

Read the full narrative on Nasdaq (it's free!)

Nasdaq's outlook anticipates $6.1 billion in revenue and $2.0 billion in earnings by 2028. This reflects a 9.2% annual revenue decline and a $0.5 billion increase in earnings from the current $1.5 billion.

Uncover how Nasdaq's forecasts yield a $102.35 fair value, a 19% upside to its current price.

Exploring Other Perspectives

Simply Wall St Community contributors currently estimate fair values for Nasdaq between US$37.13 and US$256.45 across six opinions. While you consider these divergent perspectives, remember that market share competition continues to influence Nasdaq’s future growth opportunities and profitability.

Explore 6 other fair value estimates on Nasdaq - why the stock might be worth over 2x more than the current price!

Build Your Own Nasdaq Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Nasdaq research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Nasdaq research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Nasdaq's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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