Goldman Sachs Boosts CBOE Holdings to Neutral as Valuation Seen Attractive
Goldman Sachs has upgraded its rating for CBOE Holdings to Neutral from Sell, citing attractive valuation and compelling value relative to growth prospects. The analyst, Alexander Blostein, noted that the current EV/EBITDA multiple of 13 times is a 9% discount to three-year averages, compared to a 4% average discount for peers CME, ICE, and Nasdaq.
The firm believes the risks from rising competitive pressures, questionable durability of retail-oriented options volumes, and uncertainty surrounding the SPX contract extension have diminished. Additionally, the company's recent financial performance has been strong, with adjusted earnings per share reaching $3.56 in Q2 2026, surpassing Wall Street expectations.
The upgrade comes after CBOE Global Markets reported record net revenue of $732 million, up 25% from the previous year. Piper Sandler maintained an Overweight rating on Cboe with a price target of $320, reflecting confidence in the company's performance.