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ICE Stock Predicted to See 21.9% Year-over-Year Increase in Earnings per Share

By Don Francis, Editor
April 5, 2024 7:00 AM UTC
ICE Stock Predicted to See 21.9% Year-over-Year Increase in Earnings per Share

Citigroup's Christopher Allen raised their price target on Intercontinental Exchange (NYSE: ICE) by 3.2% from $155 to $160 on April 4, 2024. The analyst maintained their Strong Buy rating on the stock.

Allen cited several factors for their updated estimates, including current pricing and volume trends, changes to Citigroup's mortgage outlook, and small modifications to expenditure projections. According to Allen, Intercontinental Exchange remains a favorite among Citigroup's exchange-focused clients due to sustained growth in the energy complex, a brightening outlook in the fixed income division, and a steady stream of new mortgage clients.

The analyst rating for ICE is overwhelmingly positive, with 88.9% of top-rated analysts currently rating the stock as a Strong Buy or Buy. Only 11.1% of analysts see it as a Hold, and no analysts recommend or strongly recommend selling the stock.

The consensus forecast among analysts is that Intercontinental Exchange's upcoming year will deliver earnings per share (EPS) of $5.12. If the analysts' predictions hold true, ICE's next yearly EPS will see a substantial increase of 21.9% on a year-over-year basis.

In terms of stock performance, ICE has shown significant growth. Since its last quarterly report on December 31, 2023, the stock price has increased by 6.4%. On a year-over-year basis, the stock is up by an impressive 28.9%. During this period, Intercontinental Exchange has outperformed the S&P 500, which has seen a gain of 25.5%.

Christopher Allen, the Citigroup analyst who provided the updated rating and price target, has a solid track record. WallStreetZen ranks Allen in the top 13% out of 4,534 Wall Street analysts, with an average return of 14.7% and a 71.8% win rate. Allen specializes in the Technology and Financial Services sectors.

Intercontinental Exchange Inc. operates as a global financial exchange and clearinghouse, providing mortgage technology, data, and listing services. The company operates 12 regulated financial and commodity exchanges and marketplaces and owns six central clearinghouses. Headquartered in Atlanta, GA, Intercontinental Exchange was formed in 2000.

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