TMX Group (X:CA)
Analyst Update
TD Securities reiterated its Buy rating on TMX Group and maintained a $60.00 price target for a 12 month outlook, underscoring confidence in TMX Group’s resilient and diversified revenue model. The analyst highlighted stable trading and clearing revenues as a key anchor, supported by healthy equity and derivatives activity as well as consistent demand for post-trade services. TD also pointed to TMX’s strong competitive positioning across Canadian capital markets, where its exchanges benefit from high operating leverage and recurring fee income. While market volatility can influence near-term volumes, TD views TMX’s clearing, data, and listing businesses as providing earnings stability and cash flow visibility, reinforcing the stock’s appeal as a high-quality infrastructure play within the financial sector.
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