TD Securities lowered its price target on TMX Group (X.TO) to C$61 from C$64 on Wednesday.
Analyst Graham Ryding maintained a Buy rating on shares of the Canadian financial services company ahead of its quarterly results on July 30.
"Our constructive view remains intact," he said in a note. "However, we are reducing our multiple to reflect valuation compression for peers around the potential for more competition from DeFi platforms."
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