-- RBC Capital Markets raised its price target on TMX Group (X.TO) to $69 from $65.
Analyst Bart Dziarski maintained an Outperform rating on shares of the Canadian financial services company following its Q1 results on Tuesday.
"We believe operating results continue to serve as a powerful reminder of TMX's strong business model, with double-digit revenue growth and operating leverage driving margin expansion," Dziarski said in a note to clients.
"Despite the recent positive re-rating, TMX is trading at 22.6x forward P/E, in-line with global exchange peers, and we believe a premium is warranted given TMX's fundamentally stronger business model," the analyst said.