Nasdaq OMX (NDAQ) is a US corporation that owns and operates the NASDAQ stock market and eight European stock exchanges. Securities of more than 3,600 companies with a total market value of USD 8.8 tn are listed at this stock exchange. Nasdaq is a leading US stock exchange by IPO volume. 80% of all IPOs in the US in 3Q15 were held on Nasdaq.Nasdaq recently released strong financial results of 3Q15. Quarterly revenue rose 6.4% y-o-y, outpacing forecast by 1.0%. Excluding negative impact of devaluation effects, revenue was up 9% y-o-y. Adjusted operating profit increased 10.0% y-o-y, while adjusted operating margin climbed 1.5 pps y-o-y. Adjusted EPS jumped 12.8% y-o-y to 88 cents, outstripping expectations by 2.3%. Information services (+15.8% y-o-y) became a revenue growth driver due to acquisition of Dorsey Wright (consulting corporation). By the results of Q2, quarterly dividend reached USD 0.25 (+66.7% y-o-y), yielding 1.7%. The company continued to buy back its shares in the reporting quarter and spent USD 255 mn for this purpose. Nasdaq still has USD 226 mn left for buyback. We believe that Nasdaq will continue to improve its financial performance due to recovery of the US economy and recent acquisition, which coupled with higher dividend and buyback program will increase the company’s mid-term capitalization. We raised our target fundamental valuation of Nasdaq OMX (NDAQ) shares to USD 65 and assign a Buy recommendation to the name in the mid-term. The short-term technical target is USD 60.