Analysts at FBR Capital Markets this morning are downgrading shares of Nasdaq OMX Group (NDAQ) after the exchange operator said it’d buyback about $500 million in stock.
As reported at the time, Sandler O’Neill analysts raised their earnings estimates and NDAQ’s stock got a nice 4%-plus bounce Thursday. In pre-markets this morning, NDAQ was up 0.6% at 7:05 eastern time.
But FBR sees it differently and dropped NDAQ from a market outperform to market perform in its ratings for clients. The analysts also lowered their fourth quarter earnings estimate by a penny to 50 cents a share and full-year 2010 forecast to $1.94 a share, down a penny.
FBR says that its estimates were based on relative outperformance compared to the New York Stock Exchange Euornext (NYX). While that gap’s still present, “the gap has narrowed,” the analysts wrote.