Raymond James upgraded Intercontinental Exchange (NYSE: ICE) from Outperform to Strong Buy and set a price target of $210.00, saying the company remained well positioned for long-term growth despite a temporary dip in trading activity.
The firm noted that subdued market volatility and the absence of major weather-related disruptions weighed on ICE’s energy futures trading volumes during the third quarter. However, analysts viewed these as short-term factors and said ICE stood to benefit from the continued globalization of energy markets.
Raymond James also downplayed concerns about artificial intelligence posing a competitive threat to ICE, arguing that the company’s diversified business model and entrenched market infrastructure offered resilience. The firm further pointed to the merger between Rocket Mortgage and Mr. Cooper as a potential catalyst for ICE’s mortgage technology business.
Analysts said ICE had developed a strong and diversified platform capable of generating steady revenue and earnings growth across various environments. At roughly 21x its 2026 non-GAAP EPS estimate, they viewed the company’s current valuation as attractive.
