In a coverage swap this morning, Goldman Sachs has made a change to its closely followed CONVICTION BUY LIST. Goldman is adding InterContinental Exchange, Inc. (NYSE:ICE) and removing the Chicago Mercantile Exchange (NYSE:CME).
The ICE target has been set at $210 over the next 12-months. Goldman is also maintaining its official buy rating on CME. This change appears based upon valuation and relative performance since teh CME is noted as being up 26% since being added on June 14, 2007, while the S&P 500 is down about 2%.
CME shares are down almost 1% so far in pre-market trading. ICE shares are also down about 0.4% in pre-market trading.
Jon C. Ogg
December 13, 2007
Jon Ogg can be reached at email@example.com; he does not own securities in the companies he covers.