** Shares of derivatives exchange CME Group fall as much as 2.6%; last down 2% at $227.82

** Citi Research downgrades CME to "neutral" from "buy"; cuts PT to $250 from $255, which is still a 7.5% upside to the stock's last close

** Brokerage says after two solid years of double-digit revenue growth for CME, it expects to see more muted growth this year

** Citi prefers to take a conservative outlook for now, with open interest - the total number of outstanding derivative contracts that have not been settled - up just 1% to 2%, year-over-year, over the last two months

** Brokerage, however, cautions that its forecast could prove conservative, given the potential for a volatile environment moving forward

** Seven of 18 brokerages rate the stock "buy" or higher, eight "hold", and three "sell"; with a median PT of $254, according to data compiled by LSEG

** CME stock rose 10.3% in 2024 vs a 23.3% jump in the benchmark S&P 500 index

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))