Deutsche Bank analyst Brian Bedell upgraded Nasdaq to Buy from Hold with a price target of $98, up from $80. The main driver of our upgrade is greater conviction around Nasdaq’s ability to generate annual double digit earnings growth through 2027 after limited earnings growth in each of the past three years, the analyst tells investors in a research note. The firm now sees this growth profile as “being quite differentiated” in the securities exchange space versus the likely single digit earnings growth across peer exchanges in at least 2025 and 2026.