Goldman Sachs Upgrades Cboe Global Markets to Neutral

Goldman Sachs has adjusted its outlook on Cboe Global Markets, upgrading the stock from Sell to Neutral while slightly lowering its price target. The firm reduced its target from USD 304.00 to USD 300.00, marking a modest 1.32% decrease. Despite the target cut, the rating change is seen as a more significant signal for investors. Cboe Global Markets (ISIN US12503M1080) is now valued at USD 278.20 on its US listing as of October 6, 2026.

The share price context is mixed, with Cboe's stock ranging between USD 227.15 and USD 371.18 over the past 52 weeks. The second quarter of 2026 showed strong financial performance, with net revenue reaching USD 731.6 million, up 25% year-over-year. Adjusted earnings per share rose 45% to USD 3.56, surpassing estimates by 3.19%. Options trading remained a key driver, with net revenue from options climbing 30% to a record USD 473.9 million.

Cboe has raised its 2026 organic total net revenue growth outlook to the mid-to-high teens, up from previous projections. The next earnings date is set for October 30, 2026, which will be closely watched to see if sustained options activity can offset the valuation reset indicated by Goldman Sachs. As of October 6, 2026, Cboe's market capitalization stood at USD 29.1 billion.