MarketAxess: Operating Leverage Returns In Q3 2024, Reiterate Hold On Market Share Trends
Portfolio Pulse from
MarketAxess showed strong operating leverage in Q3 2024 with 20% revenue growth and a 330bps increase in operating margin. However, market share trends remain weak, particularly in U.S. High Grade and High Yield credit markets, justifying a Hold rating.

November 07, 2024 | 3:45 am
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
MarketAxess reported strong operating leverage in Q3 2024 with 20% revenue growth and a 330bps increase in operating margin. However, declines in U.S. High Grade and High Yield credit market shares continue, justifying a Hold rating.
Despite strong revenue growth and improved operating margins, MarketAxess is experiencing declining market share in critical areas like U.S. High Grade and High Yield credit markets. This mixed performance justifies maintaining a Hold rating, as the market share decline could offset the positive financial metrics.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100