CME Group’s Estimates Boosted at Morgan Stanley (CME)
Futures exchange operator CME Group Inc. ( CME ) on Wednesday saw its earnings estimates raised by analysts at Morgan Stanley.
The firm said it lifted its estimates for CME through 2012, citing higher trading volumes - with the exception of commodities and energy. Morgan Stanley currently rates the stock as "Underweight" with a $319 price target. That target represents a potential 11% upside to CME's Tuesday closing price of $287.91.
CME shares rose $3.59, or +1.3%, in premarket trading Wednesday.
The Bottom Line
We had removed shares of CME from our recommended list back on May 6, when the stock was trading at $324.67. The company has a 1.60% dividend yield, based on last night's closing stock price of $287.91. The stock has technical support in the $270 price area. If the shares can firm up, we see overhead resistance around the $310 price level. We would remain on the sidelines for now.
CME Group Inc. ( CME ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.