Nasdaq's fair value estimate has seen a slight increase, rising from $102.35 to $103.13 per share. This adjustment follows a wave of positive analyst sentiment, which is driven by upgraded ratings and heightened price targets after strong earnings and ongoing business transformation. Stay tuned to learn how you can keep informed on Nasdaq’s evolving narrative and what these shifts might mean in the future.

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Analyst commentary on Nasdaq has trended positive in recent months. Several major firms have raised their price targets and upgraded their outlooks. The following summarizes the key bullish and bearish takeaways from recent research notes.

???? Bullish Takeaways

Morgan Stanley upgraded Nasdaq to Overweight from Equal Weight and raised its price target from $97 to $110, citing momentum in the company’s transformation toward higher quality revenue streams. The analyst expects revenue growth to accelerate as capital markets recover and the supportive macro environment continues into 2026.

Barclays maintained an Overweight rating and raised its price target to $109 from $108. The firm highlighted solid Q3 results and a constructive setup for Q4 as positive drivers.

Clear Street reiterated a Buy rating, raised its price target to $108 from $104, and praised strong Q3 earnings, especially strength in Financial Technology revenues. The firm expects Nasdaq’s growth momentum to continue or even accelerate.

Clear Street also initiated coverage with a Buy rating and a $104 price target, noting Nasdaq’s successful evolution into a technology provider following key acquisitions. The analyst anticipates consistent mid-to-high single digit revenue growth and low teens earnings growth in the medium term.

BofA raised its price target to $105 from $104, maintaining a Buy rating. The analyst cited higher-than-expected assets under management benchmarked to Nasdaq indices as a catalyst for upward revisions to earnings estimates.

RBC Capital reaffirmed an Outperform rating with a $108 price target, expecting a "solid beat" on Q3 driven by robust Index performance and Market Services momentum. The analyst projects notable revenue gains within Nasdaq’s FinCrime segment following recent enterprise wins.

Morgan Stanley previously increased its price target to $90 from $86, expressing optimism regarding sector growth in light of increased rate visibility and retail engagement.

???? Bearish Takeaways

Barclays marginally lowered its price target to $108 from $109 ahead of Q3 earnings, even though it kept an Overweight rating. The analyst cited lower volatility impacting some segments and suggested tempered expectations for near-term upside, though no major negative surprises were anticipated.

Overall, analyst sentiment remains predominantly constructive toward Nasdaq, crediting execution on strategic transformation and robust revenue growth across key segments. However, some price target moderation reflects recognition of valuation considerations and a degree of upside already priced into shares.

Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives or begin writing your own Narrative!

Nasdaq CEO Adena Friedman attended a high-profile White House dinner with leading Wall Street executives, highlighting the company's continued prominence among major financial institutions.

Nasdaq halted trading in Apollomics (APLM) shares while awaiting additional disclosures from the company. Trading is set to resume once requests for information have been fulfilled.

Nasdaq and LSEG announced a new strategic partnership to distribute institutional-grade private markets intelligence, integrating Nasdaq's eVestment™ private markets datasets into LSEG's offerings.

Nasdaq introduced enhancements to its market surveillance platform and deployed advanced AI tools to improve detection and enforcement against potential market abuse.

The Fair Value Estimate has risen slightly, increasing from $102.35 to $103.13 per share.

The Discount Rate has fallen modestly, dropping from 8.64% to 8.54%.

Projected Revenue Growth remains negative but has improved slightly, moving from -8.61% to -8.53%.

The Net Profit Margin shows a minor decrease, edging down from 33.67% to 33.58%.

The Future P/E Ratio has increased incrementally, rising from 34.95x to 35.05x.

Narratives are a simple, yet powerful way to invest smarter. On Simply Wall St’s Community page, millions of investors use Narratives to tell the real story behind a company’s numbers. Narratives link what’s happening in the business with its future forecasts and fair value. These connections help you compare Fair Value to Price, allowing you to view a company’s story alongside its financials. Narratives update dynamically when new news or earnings are released, so you always have the latest view.

If you want the full story on Nasdaq’s future, read the original Narrative and gain insight on:

How product innovation, market expansion, and partnerships with AWS are expected to drive revenue growth and strengthen Nasdaq’s global position

Why expanding Verafin’s AI solutions could boost customer engagement, recurring revenues, and long-term profitability

What key risks such as macroeconomic uncertainty, strong competition, and reliance on major partnerships could influence Nasdaq’s growth, margins, and valuation targets

Read the full Nasdaq Narrative on Simply Wall St.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include NDAQ.

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