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Sandler O'Neill upgrades Cboe Global Markets to 'buy'

Sandler O'Neill analysts Richard Repetto and Collin Cook upgraded Cboe Global Markets Inc. to "buy," citing increased volatility benefiting the company.

Repetto and Cook said that the average daily volumes and estimated revenue of Cboe's proprietary products for December and the fourth quarter of 2018 were at the second-highest level since February and the first quarter of 2018.

The analysts pointed out that the outlook for higher volatility appears positive, although not at heightened levels, due to issues like international trade, quantitative tightening and a possible economic slowdown.

They also pointed out that Cboe is trading at a cheap value, with its shares down 22% for 2018 as compared to its exchange group peers, such CME Group Inc., Intercontinental Exchange Inc. and Nasdaq Inc.