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Atlanta, Georgia-based Intercontinental Exchange, Inc. (ICE) offers market infrastructure, data services, and technology solutions for financial institutions, organizations, and government entities. Valued at $96.3 billion by market cap, the company operates regulated marketplaces for trading and clearing financial instruments, offers futures and options across asset classes, provides fixed-income data analytics and execution services, and delivers a comprehensive mortgage origination platform.
Shares of this leading operator of global exchanges and data services provider have outperformed the broader market over the past year. ICE has gained 32.7% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 22.8%. In 2025, ICE stock is up 12.5%, surpassing SPX’s 3.4% rise on a YTD basis.
Narrowing the focus, ICE’s underperformance is apparent compared to iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI). The exchange-traded fund has gained about 49.8% over the past year. However, ICE’s double-digit returns on a YTD basis outshine the ETF’s 9.7% gains over the same time frame.
ICE's strong performance was driven by robust growth in core exchange revenue, fueled by increased energy and interest rate derivative trading. Additionally, solid fixed income data and analytics contributed to the impressive results.
On Feb. 6,ICE shares closed up more than 4% after reporting its Q4 results. Its adjusted EPS of $1.52 exceeded the Wall Street expectations of $1.49. The company’s revenue was $2.3 billion, matching Wall Street forecasts.
For fiscal 2025, ending in December, analysts expect ICE’s EPS to grow 9.2% to $6.63 on a diluted basis. The company’s earnings surprise history is impressive. It beat or matched the consensus estimate in each of the last four quarters.
Among the 17 analysts covering ICE stock, the consensus is a “Strong Buy.” That’s based on 11 “Strong Buy” ratings, three “Moderate Buys,” and three “Holds.”
The configuration has been consistent over the past three months.
On Feb. 7, Barclays PLC (BCS) analyst Benjamin Budish maintained a “Buy” rating on ICE with a price target of $189, implying a potential upside of 12.7% from current levels.
The mean price target of $180.88 represents a 7.9% premium to ICE’s current price levels. The Street-high price target of $216 suggests an upside potential of 28.8%.
