Credit Suisse analyst Gautam Sawant downgraded Nasdaq to Neutral from Outperform with a price target of $57, down from $66. The analyst cites the stock’s “robust” outperformance relative to exchange peers for the downgrade. In addition, Nasdaq’s revenue growth could be pressured in the event of a recession due to having the lowest transactional revenue mix relative to peers, Sawant tells investors in a research note. The analyst also believes macroeconomic factors will continue to weigh on its data and technology growth trajectory.
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