CME Group Downgraded: Analyst Sees Cutthroat Competition From BGC Group, Cboe Global & Intercontinental Exchange

BofA Securities analyst Craig Siegenthaler downgraded CME Group Inc CME to Underperform from Neutral, lowering the price target from $212 to $177. The company now faces competition on three fronts from BGC Group, Inc. BGC, Cboe Global Markets, Inc. CBOE, and Intercontinental Exchange Inc. ICE. This intensifying rivalry could result in market share losses and pricing pressures, the analyst cautions. The analyst projects CME to reduce its pricing on interest rate futures by over 10% as a defensive strategy, g ...