01:00 PM EDT, 05/03/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We decrease our 12-month target price by $10 to $235 on a P/E of 26.0x our 2025 estimate, a premium the peer average of 24.9x given rapid adoption of CBOE's option products (12 straight quarters of double-digit growth). We raise our 2024 EPS estimate by $0.22 to $8.71 and 2025's by $0.06 to $9.05. CBOE posted Q1 adjusted EPS of $2.15 vs. $1.90, $0.11 above consensus on revenue that was up 7% Y/Y. It was another strong quarter for the exchange as record revenue of $502 million was driven by strength in Options (+10% Y/Y and 61% of revenue). Continued momentum was seen in 0DTE SPX options as they made up 48% of overall SPX activity, up from 46% in Q4. It's a trend which we would expect to continue as more funds join the 0DTE market and deploy an ever-increasing number of trading strategies. Weakness was identified in North American Equities (-1% Y/Y and 19% of revenue) given lower industry market data. Importantly, CBOE is deploying prudent expense management (+4%) and operating margins rose 110 bps to 61.6%.