What changed
$NDAQ — WATCHLIST 📊 | 6 MONTHS THESIS
🎯 Q1 2026 | Rev $2.1B | EPS $0.96 vs $0.93 🟢 | Margin 30.7%
💡 Consensus estimates likely haven't fully priced in operational expense leverage; the 2026 guidance implies ~2-3% lower opex than expected, which could lead to upward EPS revisions. Markets may be underappreciating margin expansion.
📉 Reward/risk: 2.1:1
🏢 Business Quality: 8/10 - Wide moat from exchange infrastructure, data, and anti-financial crime solutions with recurring revenues.
📊 Valuation: fair - P/E 26.1x at historical median, in line with exchange peers; EV/EBITDA likely 15-17x, not cheap nor deep value.
🔮 Catalyst: Q2 2026 earnings and guidance reaffirmation, with potential for positive estimate revisions
💰 Entry: $80, stop $76, target $87
📊 Our read: WATCHLIST. Full analysis →
https://stockduty.xyz/s/NDAQ0619