UPDATE: BGB Securities Upgrades IntercontinentalExchange to Buy on Lower Regulatory Risk

BGB Securities raised its rating on IntercontinentalExchange (NYSE: ICE) to Buy and increased its price target from $145 to $150.

BGB Securities noted, "We are raising our price target on ICE to $150 from $145 as we raise our P/E multiple to reflect lower exposure regulatory risk as well as support for shares accorded by company initiatives and supply constraint concerns. … There are three main points to our call: First, over the near term we are sanguine on the benefit of the first mover migration of energy swaps onto exchange that likely translates into share gains for ICE and related EPS upside. Second, over the medium term, we like shares as a call on unresolved Middle East relations. Third, and related to the prior point, we expect volume to benefit from the increased rhetoric between Brent bulls and bears."

IntercontinentalExchange closed at $129.74 on Friday.