MCX Share Price Target: Brokerage firm HDFC Securities has maintained BUY rating on MCX shares and raised its target price. The brokerage has set a target price of Rs 2,950 on MCX shares, up from Rs 2,780.

MCX shares closed 1.5 per cent higher at Rs 2,456 on Wednesday (March 25). The target price of Rs 2,950 offers an upside of up to 20 per cent.

HDFC Securities said that MCX shares are up 12 per cent in the last three months and 124 per cent in the past one year. MCX shares are trading at a P/E of 40x FY27E, which is in line with the  BSE multiple.

Historically, MCX has traded at a 15 per cent premium to equity exchanges based on the optionality and lower regulatory risks.

The rising volumes, stable tech platform, regulatory tailwinds, and the option value linked to the launch of new products have resulted in outperformance, which will continue.

MCX stock has traded at a 3 year average one-year forward P/E of 43.7x and is currently trading at a P/E of 40/34x FY27/28E EPS. The brokerage has assigned a core P/E multiple of 43x and the implied P/E multiple on FY28 EPS is 41x.