ICE Intercontinental Exchange, Inc.
Price Chart
Executive Summary
Raymond James upgraded Intercontinental Exchange (ICE) to Strong Buy from Outperform on Oct 13, 2025, maintaining a $210 price target. The call is part of a six-firm cluster action on ICE, including RBC Capital, TD Cowen, Deutsche Bank, and Goldman Sachs. Raymond James has a 67% accuracy rate on 3 calls for ICE, with an average return of -4.6%, placing it in the top tier among covering firms. Consensus is heavily bullish: 18 of 21 analysts rate ICE Buy or Strong Buy, with only 3 Holds and no Sells. The mean price target is $199.53, implying 35% upside from the current $147.85; Raymond James's $210 target is above consensus. EPS estimates for the current year have been revised down 6 times vs 3 up in the last 30 days, but next-year estimates show 11 up vs 2 down, signaling improving forward sentiment. Insider selling has been persistent, with five executives selling over $1.5M combined in recent months, partially offsetting the bullish analyst signal. The bottom line: a high-conviction upgrade from a top-tier firm on a heavily favored name, but insider selling and recent EPS downgrades warrant caution.
Impact Score
Consensus & Targets
Consensus is overwhelmingly bullish: 5 Strong Buy, 13 Buy, 3 Hold, 0 Sell, 0 Strong Sell across 21 analysts. That's 86% Buy/Strong Buy, 14% Hold, 0% Sell. The direction is firmly positive, with no bearish voices.
Mean price target is $199.53, median $199, high $251, low $174. Current price $147.85 implies 35% upside to the mean. Raymond James's $210 target sits above the mean and median, reflecting above-consensus conviction.
Recent Analyst Activity
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| 2026-05-01 | Barclays | maintain | Overweight | $201.00 |
| 2026-04-15 | Piper Sandler | maintain | Overweight | $211.00 |
| 2026-04-10 | Morgan Stanley | maintain | Equal-Weight | $187.00 |
| 2026-04-08 | Barclays | maintain | Overweight | $198.00 |
| 2026-02-10 | Morgan Stanley | maintain | Equal-Weight | $183.00 |
| 2026-02-06 | Barclays | maintain | Overweight | $193.00 |
| 2026-01-15 | Morgan Stanley | maintain | Equal-Weight | $180.00 |
| 2026-01-14 | TD Cowen | maintain | Buy | $193.00 |
| 2026-01-14 | Piper Sandler | maintain | Overweight | $195.00 |
| 2026-01-08 | Barclays | maintain | Overweight | $182.00 |
In the last 30 days, there have been 0 upgrades and 0 downgrades. EPS revisions for the current quarter show 5 up vs 3 down; for the current year, 3 up vs 6 down; for next year, 11 up vs 2 down. The trend is mixed near-term but strongly positive for the forward year.
Firm Track Record — Raymond James
Raymond James accuracy: 54% on 1636 calls | avg return: 3.4%
Industry benchmark: mean 51% ± 11%. Top tier: ≥61% (mean + 1σ). Based on 13 firms with ≥5 scored calls.
| Firm | Accuracy | Calls | Avg Return | vs Average |
|---|---|---|---|---|
| Keefe, Bruyette & Woods | 100% | 6/6 | 7.4% | top tier |
| Citigroup | 100% | 2/2 | 8.7% | top tier |
| Barclays | 79% | 11/14 | 3.4% | top tier |
| Deutsche Bank | 75% | 3/4 | 3.5% | top tier |
| UBS | 67% | 2/3 | 4.5% | top tier |
| Raymond James | 67% | 2/3 | -4.6% | top tier |
| B of A Securities | 67% | 2/3 | 4% | top tier |
| Morgan Stanley | 50% | 3/6 | 2.1% | below average |
| RBC Capital | 50% | 2/4 | -0.8% | below average |
| TD Cowen | 50% | 1/2 | 7.5% | below average |
Raymond James has a 67% accuracy rate on 3 calls for ICE, with an average return of -4.6%. It is classified as a top-tier firm. The best-performing firm on ICE is Keefe, Bruyette & Woods (100% on 6 calls, avg return 7.4%), followed by Citigroup (100% on 2, avg 8.7%). The worst is Piper Sandler (0% on 2, avg -10.7%).
Earnings Estimates
Next earnings: Jul 29, 2026
| Period | EPS Est. | EPS Range | Revenue | Revisions (7d) |
|---|---|---|---|---|
| 0q | $1.92 | $1.84 — $2.01 | $2.7B | ↑0 ↓0 |
| +1y | $8.82 | $8.34 — $9.44 | $11.5B | ↑0 ↓0 |
| +1q | $1.91 | $1.74 — $2.11 | $2.7B | ↑0 ↓0 |
| 0y | $8.14 | $7.85 — $8.53 | $11.0B | ↑0 ↓0 |
Cross-Platform Signals
Insider trades show persistent selling: five executives sold over $1.5M combined in recent months (Surdykowski, Bowen, Gardiner, Kapani, Foley). No insider buys. Congressional activity shows one buy by Rep. Ro Khanna ($1k-$15k). Institutional changes show two exits (Two Sigma, Renaissance Technologies), one new large position (Norges Bank, $1.4B), and trims by Bank of America (-49%) and FMR (-26.7%). Short interest data is not available. The insider selling diverges from the bullish analyst signal, reducing conviction.
Actionable Insight
The upgrade cluster and strong consensus support a bullish bias, but persistent insider selling and mixed near-term EPS revisions argue for a measured entry. Consider accumulating on pullbacks toward $140, with a stop below $135.
Documents Analyzed
Report based on filing metadata.
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 12, 2026
4d ago
|
Institutional Cluster
| $140.53 $140.10 | ▼ −0.31% | ▼ −2.07% | $141.28 (+0.53%) |
|
May 31, 2026
16d ago
|
ANALYST-UPGRADE
| $158.65 $158.14 | ▼ −0.32% | ▼ −0.20% | $141.28 (−10.95%) |
|
May 28, 2026
19d ago
|
Insider Cluster
| $147.63 $144.87 | ▼ −1.87% | ▼ −2.13% | $141.28 (−4.30%) |
|
May 20, 2026
27d ago
|
144
| $151.10 $153.09 | ▲ +1.32% | ▲ +0.87% | $141.28 (−6.50%) |
|
May 1, 2026
6w ago
|
ANALYST-UPGRADE
| $158.65 $158.14 | ▼ −0.32% | ▼ −0.20% | $141.28 (−10.95%) |
|
Apr 30, 2026
6w ago
|
8-K
| $157.58 $154.66 | ▼ −1.85% | ▼ −2.07% | $141.28 (−10.34%) |
|
Feb 28, 2026
15w ago
|
Institutional Cluster
| $164.58 $164.65 | ▲ +0.04% | ▲ +0.96% | $141.28 (−14.16%) |
|
Feb 20, 2026
16w ago
|
Insider Cluster
| $153.92 $154.02 | ▲ +0.07% | ▲ +1.07% | $141.28 (−8.21%) |
US Market Status
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