CME Group climbs after JPM upgrades stock to 'overweight'

CME

Yesterday 11:38

** Shares of derivatives marketplace CME Group CME.O rise 0.8% to $298 premarket
** J.P.Morgan upgrades CME to "overweight" from "underweight"; sets $367 PT, implying 24% upside to last close
** CME is well-positioned to outperform as interest-rate environment is constructive for driving higher trading velocity, brokerage says
** "CME activity benefits in particular when longer term rates (where market participants may have less certainty about the outlook) are rising. A continuation of the Fed Funds hiking cycle also bodes well for more elevated velocity and upward volume revisions" - JPM 
** Nine of 18 brokerages rate the stock "buy" or higher, 6 "hold" and 3 "sell"; median PT $328 - LSEG data
** As of last close, CME shares up 8.3% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))