Miami International Holdings

MIAX · NYSE

$32.41+$0.87 (+2.76%)TodayMarket closed · Oct 20, 6:30 PM ET

Prev close $31.54

MIAX analyst rating

HoldConsensus of 6 analysts over the last 12 months. 33% rate it a buy.

Strong buy0
Buy2
Hold4
Underperform0
Sell0

12-month price target · 7 analysts

Average $54.06 (+66.8% upside)

Low: $48.48
Now: $32.41
High: $65.10

Upgrades and downgrades

The latest rating actions, newest first

MIAX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Morgan Stanley	Oct 9, 2026	Maintains	Equal-Weight	$50.00 → $43.00	54%
Rosenblatt	Oct 2, 2026	Maintains	Buy	$62.00	35%
Morgan Stanley	Sep 1, 2026	Downgrade	Overweight → Equal-Weight	$53.00 → $50.00	54%
Keefe, Bruyette & Woods	Aug 7, 2026	Maintains	Market Perform	$46.00 → $48.00	57%
Rosenblatt	Aug 6, 2026	Maintains	Buy	$61.00 → $62.00	35%
Morgan Stanley	Jul 10, 2026	Maintains	Overweight	$50.00 → $53.00	54%
Keefe, Bruyette & Woods	May 8, 2026	Maintains	Market Perform	$40.00 → $48.00	57%
JP Morgan	May 7, 2026	Maintains	Neutral	$41.00 → $45.00	53%
Rosenblatt	May 7, 2026	Maintains	Buy	$59.00 → $61.00	35%
Morgan Stanley	Apr 10, 2026	Maintains	Overweight	$48.00 → $50.00	54%

The case for and against

Updated Oct 14, 2026

Bull case

Miami International Hldgs is well positioned because its core options franchise has delivered steady market-share gains, stronger revenue capture, and repeated earnings beats, underscoring clear technology and execution advantages. 1Q26 adjusted net revenue of $128.6M and adjusted EBITDA of $66.1M rose 40% and 66% Y/Y, while 2Q26 adjusted net revenue of $141.1M and adjusted EBITDA of $76.8M supported a record 54% margin, showing powerful operating leverage from a largely fixed-cost platform. Beyond options, progress in Bloomberg futures, improving equities capture, and a profitable international segment add diversified growth optionality while management keeps expenses disciplined and guidance intact.

Bear case

Miami International Hldgs is facing a negative setup because its shares underperformed in September, falling 21% versus a peer average of -9%, while sentiment has weakened on concerns that perpetual futures could siphon retail activity from listed options. Although the stock trades at just 8x the 2027 Adjusted EBITDA estimate versus a 14.6x peer average, the discount reflects doubts about revenue capture after August’s market share spike and the durability of growth. Fundamentally, non-transaction revenue rose 36% Y/Y to $30.8M in access fees and $9.0M in market data fees, but the Futures segment remained weak with $5.1M in net revenue and a $(9.5)M adjusted EBITDA loss.

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.