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Bear of the Day: NYSE Euronext
by Zacks Equity ResearchJanuary 08, 2013 |
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The proposed merger with ICE should eventlly boost efficiencies although higher debt raises the concerns of the rating agencies. NYSE aims to further augment the long-term growth strategies by developing a clearing house in Europe, enhancing technology and risk-management services and global expansion, among others. These initiatives carry an initial cost and regulation burden.
Our six-month target price of $29.00 equates to about 16.0x our earnings estimate for 2012. With an annual dividend of $1.20, this price target implies a negative total return of 8.2% over that period. This is consistent with our long-term Underperform recommendation on the shares.