Before we get to Higher One we should note the recent action in CBOE.  We published our view on CBOE on June 9th (read original post) and noted that the major stumbling block was the fact that our Intrinsic Valuation estimate of $27 suggested limited upside for investors.

Sure enough, the investment bank analysts initiated the name today with neutral ratings and price targets ranging mostly in the high-20's. The shares have done what we would have expected and, in this case, we got broad confirmation from the banking analysts . . .

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