TMX Group Ltd. (X.TO) was upgraded to Strong Buy from Outperform at Raymond James.

Analyst Stephen Boland raised his price target on shares of the Canadian financial services company to $61 from $59 following its Q4 2025 results on February 5.

"Overall, this was another positive quarter for TMX," Boland said in a note to clients. "Management also highlighted the IPO pipeline is the deepest it has been in many years."

"There has been a general sell-off with technology related companies including capital markets data providers and exchanges," the analyst said. "Multiples have moved from averages in the mid to high 20.0x to under 20.0x on a forward basis. We believe is an overreaction."

"We also believe this is an opportune time to purchase the TMX at this valuation," Boland said.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)