Raymond James raised its price target on Intercontinental Exchange (NYSE: ICE) to $211.00 from $210.00, while reiterating a Strong Buy rating.

The firm said it remained constructive on ICE ahead of fourth-quarter 2025 earnings. Futures trading volumes returned to growth during the quarter after a seasonal slowdown in the summer months. Raymond James said it continued to view ICE as well positioned to benefit over the long term from the globalization of energy trading markets.

The analyst highlighted ICE's diversified platform and said it was capable of generating attractive revenue and earnings growth across a wide range of market conditions. With shares trading at approximately 22x the firm's 2026 non-GAAP EPS estimate, Raymond James described the stock's risk-reward profile as favorable.