Miami International Holdings Inc (NYSE:MIAX) raised $345 million in its U.S. initial public offering in mid-August.
Here are some analysts who began coverage of the stock.
- Rosenblatt Securities analyst Chris Brendler initiated coverage with a Buy rating and price target of $50.
- JPMorgan analyst Kenneth Worthington began coverage with a Neutral rating and a price target of $32.
Check out other analyst stock ratings.
Rosenblatt Securities: Miami International is "reinventing the US options market" and its market share has expanded from 7% in 2015 to 16% in 2025, since its competitors has held back by their "legacy technology and less flexible corporate structures," Brendler said in his initiation note. The company reached 17% market share last quarter, driven by its innovations, relationships with leading market makers, and secular tailwinds, he added.
"In our view, the company’s remarkable success has been due to a combination of superior technology, product innovation, and market tailwinds — all of which we expect to continue," the analyst wrote. Several factors can help the company sustain around 20% revenue growth and substantial margin expansion, he further stated.
JPMorgan: Miami International has built a leading "multi-listed options exchange" from scratch and has leveraged price and technology to gain share in a highly competitive market, Worthington said. The company is also investing in futures, proprietary options, equities, and cryptocurrencies, he added.
Industry option volumes have grown at a CAGR (compounded annual growth rate) of 15% over the last five years and this trend could continue, the analyst stated. While Miami International's margins have been lower than peers, there are opportunities to improve profitability as the company scales, he further commented.
MIAX Price Action: Shares of Miami International Holdings had risen by 1.10% to $35.38 at the time of publication on Monday.
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