Euronext share hits record high at €172 and takes the lead in the CAC 40
The pan-European stock exchange operator posts a new all-time high during the session, bucking the downward trend of the Paris market. This record extends a series of highs that has been running for several weeks and is accompanied by a target price increase from a major U.S. financial institution.
A record at €172 extending the breakthrough of the €167.20 level
The share touched €172.00 during the session, erasing its previous record of €169.50 set on October 15. It is trading at €170.40 at midday, up 1.91% since the last close at €167.20. This €167.20 level was the resistance broken at the start of the month, which has now become immediate support. The price remains well above its 200-day moving average (with a difference of 18.14%), and the RSI at 63.89 leaves room before the overbought zone.
The movement stands out from a CAC 40 that is declining 1.33%, to the point of placing Euronext at the top of the Paris index. The share has gained 4.16% over one week and 13.83% over three months. The next resistance level is positioned at the round level of €175.
Citi raises its target from €156 to €200 and initiates coverage at buy
Citi published a buy recommendation on the stock on Monday, with a price target raised from €156 to €200. This target leaves an upside potential of approximately 17% compared to the price of €170.40. The company had for its part published its September monthly volumes, with equity trading up 16.8% and derivatives up 84.2% over one month.
The company had also initiated a €750 million share buyback program announced in April, executed at approximately 23% by early August. The consensus of analysts remains to be monitored following this revision.
