Morgan Stanley analyst Michael Cyprys downgraded Cboe Global Markets (CBOE) to Underweight from Equal Weight with a $199 price target The firm believes the shares are pricing in high-single-digit to double-digit sales acceleration, but its work shows risks to Cboe’s growth and the valuation multiple. Cboe trades at 22-times Morgan Stanley’s 2026 earnings estimates, a 1-2 times premium to its historical averages and a 7% premium to peers averaging. It see downside risks saying the company’s decelerating growth could drive earnings misses, while a focus on margin stability and openness to acquisitions could lead to multiple contraction.
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