Morgan Stanley upgraded Cboe Global Markets from underweight to overweight with a price target raised to $358 from $258, implying nearly 22% upside. The bank cited the contract renewal with S&P Dow Jones Indices through 2051, which grants Cboe exclusive rights to list S&P 500 index options. Earnings per share estimates for the next two years were increased by 16% and 18%, driven by strong volumes and reduced expenses. Company-specific KPI prediction markets could also generate additional value. The stock has risen 17% year to date, but only 7 out of 19 analysts recommend buying it.
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