Miami International Offers Growth At A Reasonable Price (Upgrade)

Miami International is upgraded to a "Buy," with shares now viewed as compellingly valued below $40. MIAX delivered robust Q4 results: revenue up 52% to $125 million, EBITDA margin improved to 50%, and market share in options rose to 18.2%. Options trading remains the profit engine, benefiting from structural volume growth and product innovation, while international and equities units offer complementary upside.