RBC Capital Markets reports Nasdaq's Adenza acquisition generates synergies faster than anticipated. The investment bank notes the integration of the risk management and regulatory software business progresses well. This aids Nasdaq's transition to more stable, technology-based revenue streams.
The report highlights improving enterprise demand for Nasdaq's software. Nasdaq has already surpassed its total deal count for 2025. RBC points to digital assets and "always-on" markets as Nasdaq's next significant growth areas. The firm maintains an "outperform" rating on the stock.