BUZZ-BofA cuts PT on NYSE parent ICE, citing delisting and mortgage volume headwinds

Reuters
04-02
BUZZ-BofA cuts PT on NYSE parent ICE, citing delisting and mortgage volume headwinds

** BofA Global Research cuts PT on NYSE parent Intercontinental Exchange ICE.N to $230 from $237

** Cites headwinds from delisting of issuers and downward revisions of mortgage volumes

** "We estimate that 4% of ICE's issuer base was delisted in 2024, which will hit revenues beginning in 1Q25," says brokerage

** "We also note that the Mortgage Bankers Association revised down their 1Q25 mortgage volume estimate by 5% over the past two months, which prompted a proportionate downward revision to ICE's transactional mortgage revenue" - BofA

** Fifteen of 18 brokerages rate stock "buy" or higher, and 3 "hold"; median PT is $190 - data compiled by LSEG

** Including session moves, ICE stock up 15% YTD compared to a 4.2% decline in the S&P 500 .SPX

(Reporting by Ateev Bhandari in Bengaluru)

((Ateev.Bhandari@thomsonreuters.com; ))

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