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Jefferies Ups Chicago Merc Exchange to 'Buy'

Jefferies upgraded Chicago Mercantile Exchange (CME) to buy from hold.

Analyst Charlotte Chamberlain says the upgrade is based on valuation. She says Chicago Mercantile Exchange plunged 15% since the market close on Aug. 18, the evening before the company announced the yearend departure of CEO James McNulty.

Chamberlain says the replacement CEO Craig Donohue is a seasoned, dynamic executive who is fully capable of enhancing shareholder value. She maintains her $3.63 2003 earnings per share (GAAP) estimate, and the $3.53 2004 earnings per share estimate. Chamberlain also reiterates her $75 target.

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