Cboe Global Markets

CBOE · Cboe

$315.00+$8.53 (+2.78%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $306.47

CBOE analyst rating

HoldConsensus of 11 analysts over the last 12 months. 36% rate it a buy.

Strong buy0
Buy4
Hold6
Underperform1
Sell0

12-month price target · 18 analysts

Average $320.22 (+1.7% upside)

Low: $260.58
Now: $315.00
High: $373.80

Upgrades and downgrades

The latest rating actions, newest first

CBOE analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wells Fargo	Oct 14, 2026	Maintains	Equal-Weight	$301.00 → $309.00	63%
TD Cowen	Oct 12, 2026	Maintains	Buy	$334.00 → $342.00	53%
Morgan Stanley	Oct 9, 2026	Upgrade	Underweight → Overweight	$258.00 → $358.00	54%
Barclays	Oct 7, 2026	Maintains	Overweight	$354.00 → $343.00	57%
TD Cowen	Oct 5, 2026	Upgrade	Hold → Buy	$315.00 → $334.00	53%
Wells Fargo	Oct 2, 2026	Initiates	Equal-Weight	$301.00	63%
Goldman Sachs	Oct 2, 2026	Upgrade	Sell → Neutral	$304.00 → $300.00	61%
TD Cowen	Aug 3, 2026	Maintains	Hold	$304.00 → $315.00	53%
Barclays	Aug 3, 2026	Maintains	Overweight	$347.00 → $354.00	57%
JP Morgan	Jul 28, 2026	Maintains	Underweight	$277.00 → $288.00	53%

The case for and against

Updated Jan 19, 2026

Bull case

Cboe Global Markets has demonstrated robust retail engagement, leading to options volume growth that has outperformed industry futures volumes. The company has raised its full-year total organic net revenue growth guidance to high single digits, reflecting stronger-than-expected first-half results. Additionally, Cboe's exclusivity in trading key index options, such as Zero Day to Expiry options (0DTE), combined with its ongoing international expansion efforts, positions the firm favorably within the options market.

Bear case

Cboe Global Markets's reliance on its options exchange, which accounts for approximately 60% of its revenue, presents potential vulnerabilities given the firm's recent decisions, such as the closure of its Japanese equities business, which has adversely affected its operating metrics. Furthermore, management's actions to lower full-year expense guidance reflect not only an effort to maintain operating discipline but also suggest challenges in revenue generation, indicating that the firm may face significant headwinds. Despite expectations for strong revenue trends in the latter half of the year, the company's past performance and these strategic decisions raise concerns about its overall financial stability and future growth prospects.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.