Scotiabank upgrades TMX Group citing strong growth potential

ReutersSep 17, 2025 11:17 AM

Scotiabank upgrades Canadian stock exchange operator TMX Group X.TO to "sector outperform" from "sector perform"

Says investors are underestimating the durability of TMX’s earnings momentum and growth potential

Brokerage also raises PT to C$70 from C$65, representing a 29.95% upside to the stock's last close

We think TMX poses several attractive investment characteristics that include resilience through diverse revenue sources, solid growth prospects, strong cash flow and a high operating leverage - Scotiabank

Four of seven analysts covering TMX rate the stock "buy" or higher and three "hold"; their median PT is C$61- data compiled by LSEG

As of last close, shares up 19.65% YTD

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