0.31%QQQQ 43.45 
0.48%XLF 21.74 3.62%
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NEW YORK - A Piper Jaffray analyst said Thursday that shares of stock exchange operators NYSE Euronext Inc. and Nasdaq OMX Group Inc. should recover after the broader market stabilizes.
Analyst Joshua Elving rates both stocks "Buy" and believes they "are a solid candidate for a bounce once the stock market stabilizes." Both stocks have lost about half their value in 2008, and are trading around their lowest prices since fall 2005.
Elving said both exchanges experienced a mixed second quarter in terms of market share. But concerns about Nasdaq's market share in trades of securities that are listed on multiple exchanges have had an overly large impact on the stock. He said profit expectations for NYSE Euronext have been steady.
He added that market volatility has pushed NYSE trading close to record levels, and forecasts for both exchanges in 2009 are conservative.
His $69 price target on NYSE shares implies the stock will rise 53.8 percent, and his target of $43 per share on Nasdaq stock implies a gain of 78.2 percent.
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