J.P. Morgan Bullish on IntercontinentalExchange

J.P. Morgan released its report today on IntercontinentalExchange (NYSE: ICE) in which it takes a bullish stance on ICE after an acceleration in European open interest growth.

In a note to clients, J.P. Morgan writes, "We came away bullish on the UK outlook and see volumes as currently being understated, with meaningful opportunity for material growth. A strong outlook for European products, which account for about one third of revenue, takes pressure off other parts of ICE's business to perform, yet maintain consistent 15%-20% EPS growth."

J.P. Morgan maintains its Overweight rating and increases its price target from $136 to $140 on ICE.

ICE closed yesterday at $117.55.