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Intercontinental Exchange upgraded to buy after strong Q2 results and $6B MarketAxess deal

Analyst Insights
09 Sep 2026
Seeking Alpha
View Source
Bullish
Intercontinental Exchange upgraded to buy after strong Q2 results and $6B MarketAxess deal

Intercontinental Exchange (ICE) was upgraded to a buy rating following its Q2 results showing 5% year-over-year revenue growth, record recurring revenues, and a 61% adjusted operating margin. The company’s $6 billion acquisition of MarketAxess aims to generate $100 million in cost synergies and strengthen its fixed income capabilities. ICE’s 2026 guidance projects high-single-digit growth in recurring revenues and over 17% growth in earnings per share, despite risks from competition and AI developments. This upgrade reflects improved valuation and positive technical indicators for the stock.

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