UPDATE: Citigroup Reiterates on The NASDAQ OMX Group on Model Update

In a report published Wednesday, Citigroup analyst Donald Fandetti reiterated a Neutral rating on

, and raised the price target from $34.00 to $40.00. In the report, Citigroup noted, “We are updating our model for Q3'13 results. NDAQ reported Q3'13 diluted EPS of $0.66. We are lowering our Q4'13 estimate to $0.66 (from $0.69) to adjust for updated volume expectations. Our forward estimates of $3.08 in 2014 and $3.38 in 2015 remain unchanged. Raising our target to $40 on 13x 2014 or just under 12x our 2015 estimate. Raising our multiple to 13x (from 11x) on higher comp valuations. The 13x multiple is below the US exchange average 20x and global average of 19x.” The NASDAQ OMX Group closed on Tuesday at $38.79.