According to CNBC, Morgan Stanley double-upgraded Cboe Global Markets to overweight from underweight after the exchange renewed its S&P Dow Jones Indices contract. The bank also raised its price target on the stock to $358 from $258, implying nearly 22% upside from Thursday's close. In late September, Cboe extended the agreement that gives it exclusive rights to list and trade options on the S&P 500 Index. Analyst Michael Cyprys said the extension through 2051 removes a key concern behind the prior underweight rating, while options growth has been more durable than expected and a new prediction markets product launch adds further upside potential. Morgan Stanley also lifted its earnings per share estimates for Cboe for each of the next two years to 16% and 18%, citing stronger volumes, improved capture and lower expenses. Cyprys said company-specific KPI prediction markets could add value not reflected in the firm's estimates or consensus. The call runs against broader Wall Street sentiment, with LSEG data showing 7 of 19 analysts rate Cboe a buy and 11 rate it a hold. Shares are up 17% year to date.