BUZZ - CME Group shares rise after JPMorgan upgrades rating to "Overweight"

October 22 - ** Derivatives trading platform CME Group (CME.O) shares rose 0.8% in pre-market trading to $298

** JPMorgan raised its rating on CME from “Underweight” to “Overweight”; target price set at $367, representing 24% upside from the previous closing price

** The brokerage said that given the current interest rate environment is favorable for driving higher trading velocity, CME is well positioned to outperform the market

** “When long-term interest rates (where market participants may have lower certainty about the outlook) rise, CME’s trading activity will especially benefit. The ongoing federal funds rate hike cycle also implies an even greater increase in trading velocity and upwardly revised volume estimates,” said JPMorgan

** Of 18 brokerages, 9 rate the stock as “Buy” or higher, 6 as “Hold”, and 3 as “Sell”; the median target price is $328 — LSEG data

** As of the previous trading day’s close, CME shares have risen 8.3% year-to-date

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