CBOE Holdings Upped by Goldman Sachs Amid Attractive Valuation

Goldman Sachs has upgraded its rating on CBOE Holdings () to Neutral from Sell, citing attractive valuation and reduced competitive risks. The analyst's price target remains at $300.00, down slightly from $304.00.

In a report, Goldman Sachs' Alexander Blostein noted that CBOE's stock has de-rated significantly over recent months, with its 2027 EV/EBITDA currently trading at 13 times, a 9% discount to three-year averages. This compares to a 4% average discount for peers like CME, ICE, and Nasdaq.

The analyst believes the valuation is undervalued relative to its Fair Value, with a PEG ratio of just 0.42 suggesting compelling value relative to growth prospects. Blostein also pointed out that the company's near-term volumes backdrop remains supportive on earnings per share upside and that its cash build-up enhances financial flexibility.

CBOE Global Markets has reported impressive second-quarter 2026 results, with adjusted earnings per share reaching $3.56, surpassing Wall Street's expectations of $3.36 and Piper Sandler's estimate of $3.45. The company's net revenue hit a record $732 million, up 25% from the previous year.