B+
Bull case
20%
Probability
Target price
$170.00
+67.1% vs current
Consensus median implies upside vs. the anchor; coverage dispersion is wide, so conviction is mixed and outcomes will hinge on near‑term volume and product updates.
No evidence quality warning is currently attached to this memo.
Periodic updates to coverage (median target currently $132.6) that can drive revisions to consensus and near‑term price action.
Quarterly results and guidance that will clarify volume trends and take‑rates in fixed income and ETFs; market reaction likely based on execution and ticket-level metrics.
Structural market‑share gains from greater electronic trading adoption and new product rollouts that expand TAM and long‑term margins.
No formal recommendation provided.