Cboe Global Markets Stock Outlook: Is Wall Street Bullish or Bearish?

Headquartered in Chicago, Illinois, Cboe Global Markets, Inc. (CBOE) is a global exchange operator providing trading, clearing, and investment solutions across options, futures, equities, and foreign exchange markets. With a market capitalization of $29.3 billion, the company operates major financial markets across North America, Europe, and Asia Pacific, supported by advanced trading technology.

Shares of this leading exchange operator have slightly underperformed the broader market over the past year. CBOE has gained 16.7% over this period, while the broader S&P 500 Index ($SPX) has climbed nearly 19.5%. Moreover, the stock has outperformed the index in 2026, rising 17.12% year to date, compared with the S&P 500’s 11.6% gain over the same period.

CBOE has also considerably outperformed the State Street Financial Select Sector SPDR ETF (XLF), which has advanced 7.7% over the past year and 4% year-to-date.

On July 31, Cboe Global Markets reported its Q2 FY2026 earnings, with shares jumping about 4.6% as results topped estimates and the company raised its outlook. Net revenue grew 24.6% to a record $731.6 million, driven by a 30% increase in Options segment revenue on record index options volumes. Adjusted diluted EPS rose 44.7% to $3.56.

Cboe raised its 2026 organic total net revenue growth target to “mid to high teens” from “low double-digit to mid-teens,” and its Cboe Data Vantage organic net revenue growth target to “low teens” from “low double-digit.” 

For the fiscal year ending in December 2026, analysts expect CBOE’s diluted EPS to increase 29.2% year over year to $13.78. However, CBOE has surpassed consensus EPS estimates in each of the past four quarters, which is impressive.

Based on the 18 analysts covering CBOE stock, the consensus rating is a “Hold.” The rating is based on three “Strong Buys,” 12 “Holds,” and three “Strong Sells.”

The configuration is more bearish than it was two months ago, when the stock had four “Strong Buy” ratings.

On August 5, BofA analyst Eli Abboud lowered Cboe Global Markets’ price target to $356 from $359 while maintaining a “Neutral” rating, citing higher compensation costs, weaker index options volume, and the earlier-than-expected Cboe Australia sale.

Based on analysts’ estimates, the mean price target of $313.20 implies a 6.5% premium to CBOE’s current share price, while the Street-high price target of $356 suggests a 21% upside.