Credit Suisse Looks For Better Revenue Visibility For MarketAxess

In a report published Thursday, Credit Suisse analyst Ashley N. Serrao reiterated an Underperform rating and $52.00 price target on MarketAxess (NASDAQ: MKTX).

In the report, Credit Suisse noted, “Overall volumes fell short of our expectations and decreased 14% yr/yr and were down 1% mth/mth but outpaced industry trends. As such, market share improved to 13.9% from 13.6%--we attribute the resilience to a softer new issuance calendar (-4% mth/mth). On a negative note, IG volume mix shifted unfavorably towards lower priced floating rate bonds. Post this evening's release, we trim our 2Q estimate by a penny to $0.46 to reflect softer than expected volumes.”

MarketAxess closed on Wednesday at $52.73.