CME Group’s Target, Estimates Cut at Morgan Stanley (CME)
Futures exchange operator CME Group Inc.( CME ) on Wednesday saw its price target and earnings estimates lowered by analysts at Morgan Stanley.
The firm cut its price target for CME to $298, which implies an 11% upside to the stock's Tuesday closing price of $267.63.
Morgan Stanley also lowered its earnings estimates for the company, citing lower trading volumes, and maintained its "Underweight" rating.
CME Group shares were mostly flat 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 1.72% dividend yield, based on last night's closing stock price of $267.63. The stock has technical support in the $248-$260 price area. If the shares can firm up, we see overhead resistance around the $277-$282 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.