Cboe upgraded to Buy at TD Cowen after S&P 500 licensing extension and Robinhood KPI deal

Seeking Alpha··US·Read original
3▲3 ▼0Impact / 5
Summary · why it matters

TD Cowen upgraded Cboe Global Markets to Buy from Hold, sending the exchange operator's shares up 2.8% in Monday regular-hours trading. The upgrade followed two agreements: S&P Dow Jones Indices, part of S&P Global, extended its exclusive licensing agreement for the S&P 500 Index with Cboe by 25 years, and Cboe and Robinhood announced plans to launch a new category of binary contracts tied to company-specific key performance indicators, or KPIs. TD Cowen analyst Bill Katz wrote that the S&P 500 contract sharply reduces existential risk and that the KPI contracts represent a powerful, emergent, new derivative class bolstering ADV, Data Vantage and the P/E multiple. Katz raised his price target on Cboe by $19 to $334, or about 22 times TD Cowen's forward 12-month adjusted EPS versus about 21 times prior. The Buy rating contrasts with the SA Quant rating and the average Wall Street rating of Hold.

Impact on assets 3

Financials▲ · 1 stocks
Cboe Global Markets Inc
CBOE
▲ PositiveCapitalDemandrelevance

TD Cowen upgraded Cboe to Buy and raised its price target to $334 after the S&P 500 licensing extension and Robinhood KPI deal.

Digital Finance & Tokenization▲ · 1 stocks
Robinhood Markets Inc
HOOD
▲ PositiveDemandrelevance

Robinhood is partnering with Cboe to launch a new category of binary contracts tied to company-specific KPIs.

Cloud & Digital Infrastructure▲ · 1 stocks
S&P Global Inc
SPGI
▲ PositiveDemandrelevance

S&P Dow Jones Indices, part of S&P Global, extended its exclusive S&P 500 Index licensing agreement with Cboe by 25 years.

© 2026 MarketIVNews