Marketaxess Holdings

MKTX · NASDAQ

$164.49−$0.04 (−0.02%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $164.53

MKTX analyst rating

HoldConsensus of 10 analysts over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold10
Underperform0
Sell0

12-month price target · 12 analysts

Average $172.71 (+5.0% upside)

Low: $125.24
Now: $164.49
High: $263.78

Upgrades and downgrades

The latest rating actions, newest first

MKTX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Morgan Stanley	Oct 9, 2026	Maintains	Equal-Weight	$129.00 → $167.00	54%
Keefe, Bruyette & Woods	Aug 11, 2026	Downgrade	Outperform → Market Perform	$150.00 → $167.00	57%
Barclays	Aug 10, 2026	Maintains	Equal-Weight	$132.00 → $167.00	57%
UBS	Jul 31, 2026	Downgrade	Buy → Neutral	$200.00 → $167.00	63%
Piper Sandler	Jul 15, 2026	Maintains	Neutral	$175.00 → $128.00	60%
Morgan Stanley	Jul 10, 2026	Maintains	Equal-Weight	$195.00 → $129.00	54%
Barclays	Jul 9, 2026	Maintains	Equal-Weight	$170.00 → $132.00	57%
UBS	Jul 8, 2026	Maintains	Buy	$215.00 → $200.00	63%
Goldman Sachs	Jun 30, 2026	Maintains	Neutral	$168.00 → $130.00	61%
B of A Securities	Jun 12, 2026	Upgrade	Underperform → Neutral	$170.00	80%

The case for and against

Updated Oct 23, 2025

Bull case

MarketAxess Holdings is positioned favorably due to secular tailwinds supporting the electronification of fixed-income trading, alongside innovative product offerings such as X-Pro and Adaptive Auto-X aimed at enhancing trading efficiency. The company's strategy of expanding into municipal and international trading, coupled with a stronger-than-expected industry volume, particularly in High Yield credit, has led to upward revisions in earnings estimates for 2025 through 2027. Furthermore, the recently launched block trading initiative in US Credit is anticipated to bolster MarketAxess's market share in this segment, potentially increasing its existing share of the block market beyond 11%.

Bear case

MarketAxess Holdings has revised its estimated earnings per share (EPS) for 2025 and 2026 downward from $7.80 and $8.89 to $7.41 and $8.26, respectively, primarily due to an increased tax rate and lower expectations for fee per million (FPM) metrics. The company's reported credit fee per million in April was $139, which fell short of the estimated $146, indicating potential weakness in revenue generation within its credit market segment. Additionally, there are growing concerns about a stagnation or decline in MarketAxess's credit market share, suggesting a possible competitive shift in fixed-income trading that could hinder 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.