- Nasdaq, Inc. recently moved to extend U.S. equity trading to 23 hours a day on its venues, filing with the SEC for an additional overnight session and outlining operational readiness for the expanded schedule by 2026.
- This push toward near-continuous trading highlights Nasdaq’s effort to reshape access to U.S. markets, particularly for global and after-hours investors, while reinforcing its identity as a technology-driven market operator.
- We’ll now explore how Nasdaq’s 23-hour trading push could influence its investment narrative, particularly around product innovation and global expansion.
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Nasdaq Investment Narrative Recap
To own Nasdaq, I think you need to believe in its evolution from a traditional exchange into a global technology and market infrastructure provider, with data, indexes and software playing a larger role over time. The move to 23 hour trading looks directionally aligned with that story, but on its own does not materially change the near term picture, where the key catalyst is continued product innovation and the biggest risk remains intense competition across listings, trading and fintech.
Among recent announcements, Nasdaq’s ongoing tender offers for its 5.350% 2028 and 3.950% 2052 senior notes stand out, as they retire a portion of outstanding debt and modestly reshape the balance sheet. While the 23 hour trading plan is about expanding access and potential revenue opportunities, the tender activity speaks to how management is managing a high debt load, which matters for investor confidence in a business that is priced at a premium earnings multiple.
Yet investors should also be aware that growing regulatory and technology related uncertainties could pressure Nasdaq’s ability to...
Read the full narrative on Nasdaq (it's free!)
Nasdaq's narrative projects $6.1 billion revenue and $2.0 billion earnings by 2028.
Uncover how Nasdaq's forecasts yield a $103.13 fair value, a 10% upside to its current price.
Exploring Other Perspectives
Six Simply Wall St Community fair value estimates for Nasdaq span roughly US$37 to US$256 per share, underscoring how far apart individual views can be. When you set that against concerns about intense competitive pressure across exchanges and fintech, it becomes even more important to compare several independent opinions before deciding how this business might perform.
Explore 6 other fair value estimates on Nasdaq - why the stock might be worth less than half the current price!
Build Your Own Nasdaq Narrative
Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.
- A great starting point for your Nasdaq research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.
- Our free Nasdaq research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Nasdaq's overall financial health at a glance.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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