** Shares of exchange operator CME Group CME.O up 2.3% at $260.32
** Raymond James upgrades CME to "outperform" from "market perform"; assigns $287 PT, a 12.7% upside to stock's last close
** Brokerage says CME's risk management offerings position the firm well in a volatile macroeconomic and geopolitical backdrop, as reflected in strong QTD trading volumes
** Sees upside opportunity for CME's valuation given fading concerns about competitive landscape and the impact of rate cuts on trading volumes
** Raymond James says CME's energy futures business continues to serve as a tailwind as well, reversing several years of decline
** Seven of 18 brokerages rate the stock "buy" or higher, eight "hold" and three "sell"; median PT is $263 - LSEG-compiled data
** CME stock up 12% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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