Nasdaq’s Evolving Strategy Is Illustrative of Industry Trends; Increasing FVE to $76
After incorporating some product portfolio shifts at narrow-moat Nasdaq, we are increasing our fair value estimate to $76 from $72 per share. Adena Friedman is trying to enact her own strategic vision for Nasdaq after taking over as CEO in 2017. We were initially encouraged with the tone that Friedman struck that we interpreted as a focus on stabilizing the overall business and extracting value from the numerous acquisitions that Nasdaq had done over the last several years, such as its venture i...
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