CME Group Stock Looks Ready for More Highs

Analysts are chiming in on CME after earnings

Digital Content Manager
Oct 26, 2023 at 3:13 PM
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CME Group Inc (NASDAQ:CME) stock is up 0.9% at $215.99 at last check, after the company announced third-quarter earnings that topped estimates, while revenue missed expectations. The stock attracted four price-target cuts, including one from UBS to $250 from $230.

Plus, the security yesterday pulled back to a trendline with historically bullish implications. According to data from Schaeffer's Senior Quantitative Analyst Rocky White, CME Group stock is within one standard deviation of its 50-day moving average. The equity saw at least six similar signals over the last three years, defined for this study as having traded north of the moving average 80% of the time in the past two months, and in eight of the last 10 trading days.

CME was higher one month later in 83% of those instances, with an average 3.3% gain. A move of similar magnitude from its current perch would place the security back above $223 for the first time since April 2022, overtaking its Oct. 13, one-year high of $221.76. The stock is already boasting a 28.5% year-to-date, with additional support at the $212 level.

CME 50 Day

While analysts are mostly bullish on the shares, there is still ample room for upgrades. Of the 13 firms in question, six still call the security a tepid "hold" or worse, indicating a sentiment shift could generate tailwinds.

 

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