TheStreet.com
While we see the recent market environment, one colored by the string of bank failures and subsequent stock market choppiness, driving favorable March options volumes for Cboe, the upward move in the shares has closed the potential upside to our $140 price target. As we write this alert, there is roughly 7% upside to that price level, which is leading us to downgrade the shares to a Two rating from One. While wheat prices are continuing to trade off following the renewal of an agreement that allows for the safe Black Sea export, as we pointed out in last week's Roundup, corn, soybean and even wheat prices remain above 2020 levels.