Intercontinental Exchange (ICE) could see more growth from the MarketAxess deal, new trading products, data center expansion, futures volumes and AI services, while keeping costs under control and continuing stock buybacks, RBC Capital Markets said in a note Wednesday.

RBC said it expects the company to deliver more cost savings from MarketAxess than initially planned and sees further sales opportunities from combining the companies' data, trading products and technology.

The investment firm said Intercontinental Exchange could gain more retail business through prediction markets, perpetual futures and tokenized assets, helped by partnerships with Polymarket and OKX and a more supportive regulatory environment.

Intercontinental Exchange has room to grow its data center business as the company plans to double colocation capacity again and earn more from existing space, according to the note.

RBC kept its outperform rating and $180 price target, saying it also sees future revenue potential from AI as ICE studies different pricing models and could eventually move toward outcome-based pricing for its AI tools.

Shares of Intercontinental Exchange were up 2.5% in Wednesday afternoon trading.

Price: 156.82, Change: +3.89, Percent Change: +2.54