Euronext: Jefferies maintains rating and TP
(CercleFinance.com) - Jefferies maintains its Buy rating on Euronext, as well as its target price of E100.
"We think there is scope for the shares to begin to re-rate back to their LT avg. of ~15x, if as we expect, ENX continues to execute flawlessly on the remaining BI integration / synergies," the analyst says.
"For longer-term holders, we see material value creation potential from M&A involving strategic pieces of EU market infrastructure".
There is a limited range of plausible buyers for such assets, particularly post-Brexit, "and ENX strongly positioned to be a consolidator".
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