Nasdaq's (NDAQ) acquisition of Adenza is delivering synergies ahead of schedule, while digital assets and always-on markets represent the company's next structural growth frontier, RBC Capital Markets said in a note emailed Monday.

A proposed rule amendment would enable tokenized securities trading on Nasdaq's existing order book under the same protocols as traditional shares, with launch targeted for H1 of 2027, the investment firm said.

As digital assets gain prominence within market infrastructure, the company's core competencies position it to capture that opportunity, RBC said.

The company's Verafin unit for financial crime management is automating comprehensive compliance workflows, while enterprise momentum accelerated sharply, with the company already exceeding the number of deals signed in 2025, according to the note.

Nasdaq has repositioned itself into a critical financial market infrastructure technology company from an exchange operator, with the convergence of AI adoption, evolving digital assets markets, and rising regulatory complexity driving accelerating demand, the firm said.

RBC Capital Markets has an outperform rating on the stock and price target of $108 per share.

Price: 92.28, Change: -1.27, Percent Change: -1.36