CME Group’s Target, Estimates Cut at Jefferies & Co. (CME)
Futures exchange operator CME Group Inc. ( CME ) on Friday saw its price target and earnings estimates lowered by analysts at Jefferies & Co.
The firm said it now expects CME shares to reach $340, which still represents a massive expected upside of 36% to the stock's Thursday closing price of $250.92. Jefferies also cut its earnings estimates for CME, citing lower expected trading volumes, but kept its "Buy" rating unchanged.
CME Group shares were mostly flat in premarket trading Friday.
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 1.83% dividend yield, based on last night's closing stock price of $250.. The stock has technical support in the $235-$240 price area. If the shares can firm up, we see overhead resistance around the $265-$267 price levels. 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 3.3 out of 5 stars.