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How Investors Are Reacting To Cboe Global Markets (CBOE) Barclays Upgrade And 24-Hour Russell 2000 Options

Simply Wall St · 1d ago
  • Earlier this month, Barclays upgraded Cboe Global Markets to Overweight, citing the company’s healthy growth in index options, rising retail options activity, and its sharpened focus on core derivatives while selling sub-scale businesses in regions such as Australia and Canada.
  • Barclays also highlighted Cboe’s plan to extend Russell 2000 Index options to nearly 24-hour trading from February 2026, underscoring how expanded access to proprietary index products is becoming central to the exchange’s long-term growth story.
  • Next, we’ll examine how Barclays’ upgrade and Cboe’s push into nearly 24-hour Russell 2000 options trading reshape the company’s investment narrative.

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Cboe Global Markets Investment Narrative Recap

To own Cboe, you need to believe its derivatives and index options engine can keep compounding despite rising competition and structural change in trading. Barclays’ upgrade and the move toward nearly 24 hour Russell 2000 options trading reinforce the near term catalyst around deepening proprietary index liquidity, but they do not fundamentally change the key risk that Cboe remains heavily exposed to its S&P index partnership and ongoing fee and volume pressure across exchanges.

Among recent announcements, Cboe’s strong Q3 2025 results stand out, with total revenue up 8.1% year over year to a record US$1.1 billion and adjusted EPS of US$2.67 beating expectations. That performance supports the catalyst of broad based derivatives growth and high margin data and index revenues, even as investors weigh concentration risk in flagship index products and the possibility that new trading technologies could chip away at traditional exchange volumes.

Yet while the growth story looks appealing, investors should also be aware of how concentrated Cboe’s economics are in its core index franchise and what happens if that relationship...

Read the full narrative on Cboe Global Markets (it's free!)

Cboe Global Markets' narrative projects $2.6 billion revenue and $1.1 billion earnings by 2028. This requires a 16.9% yearly revenue decline and an earnings increase of about $200 million from $896.3 million today.

Uncover how Cboe Global Markets' forecasts yield a $255.62 fair value, in line with its current price.

Exploring Other Perspectives

CBOE 1-Year Stock Price Chart
CBOE 1-Year Stock Price Chart

Eight fair value estimates from the Simply Wall St Community span roughly US$42 to US$256 per share, showing how far apart individual views can be. You can weigh those opinions against the bull case around Cboe’s expanding index and derivatives franchise and consider what it might mean if fee pressure or competitive shifts slow that engine over time.

Explore 8 other fair value estimates on Cboe Global Markets - why the stock might be worth less than half the current price!

Build Your Own Cboe Global Markets Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

  • A great starting point for your Cboe Global Markets research is our analysis highlighting 2 key rewards that could impact your investment decision.
  • Our free Cboe Global Markets research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Cboe Global Markets' overall financial health at a glance.

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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.