Company Performance - CBOE has experienced relative underperformance compared to other exchanges and the financial sector despite strong earnings [2][4] - The stock's underperformance may be attributed to full positioning and market sentiment rather than a specific identifiable reason [4][5] - Morgan Stanley has reiterated an underweight rating on CBOE, indicating a cautious outlook [5] Market Outlook - The environment for CBOE is expected to improve in 2026, with a belief that volatility will increase significantly even in a bull market [3][5] - The current VIX is near a low for the year, below 15, suggesting potential for increased market activity [2] Comparisons with Other Companies - CME Group and NASDAQ have received reiterated overweight ratings, with target prices set at 320 and 111 respectively, indicating a more favorable outlook compared to CBOE [6] - Schwab's performance is driven by different factors, such as cash balance sweeps, and is not directly comparable to the exchanges like NASDAQ and CME [6][7] - NASDAQ is highlighted as a strong performer benefiting from IPOs and increased trading activity, positioning it as a "crown jewel" among the group [8]