Cboe Global Markets (NYSE:CBOE) shares gained more than 4% since the company’s reported Q4 results on Friday, with EPS of $1.80 coming in better than the Street estimate of $1.77. Revenue was $457.1 million, compared to the Street estimate of $458.66 million.

Following the results, analysts at Deutsche Bank cut their price target to $140 from $142 while maintaining their Buy rating. While the analysts viewed Q4 results as being mixed (slightly lower than expected revenue only partially offset by slightly lower expenses), they believe the main investor focus for the stock is the company's continued elevated pace of spending to fund a very long list of growth initiatives.

With 2023 expense guidance that implies 18% total growth vs. consensus expectations of 11%, the analysts see a lengthier investor debate emerging this year on the merits of the investment spend that comes with the increasingly wide range of growth opportunities synonymous with the much more vastly global exchange that CBOE has built over the past few years.