MarketAxess Holdings Inc

MKTX: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$443.00	Dvlbt	Yvglcchb

Reducing Our Fair Value Estimate for MarketAxess 13% to $305 as Trading Market Share Disappoints

Michael Miller

Sep 7, 2023

Following a string of weak trading volume reports, we are reducing our fair value estimate for MarketAxess to $305 from $350, which is 44 times our 2023 earnings estimate.

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