BUZZ-BGC Group rises after BofA starts coverage with 'buy'

Shares of brokerage firm BGC Group BGC.O rise as much as 7.5%; last up 6% at $9.43 in early trading

BofA Global Research initiates coverage of BGC with "buy" rating and $16 PT, 79.8% upside to stock's last close

Brokerage says easing regulatory backdrop under Trump administration significantly accelerates ramp up of BGC's FMX Futures Exchange

Adds that FMX Futures could achieve as much as 20% share in rates trading by Q4 2027

Brokerage says FMX has ample opportunity to modernize futures trading and take market share from incumbent CME Group CME.O

BofA says growth qualities of BGC's energy segment are underrated, adding that firm has highest exposure to energy transition products in its coverage

As of last close, BGC stock down 1.8% YTD