Elevated market volatility typically boosts trading volumes and risk management activity, which is what followed the banking crisis. The uncertain macro outlook and recent bank events support more defensive exchanges and transactional-skewed beneficiaries, according to Morgan Stanley. The Exchanges Analyst: Michael Cyprys downgraded the rating for Nasdaq Inc NDAQ from Overweight to Equal Weight, while reducing the price target from $70 to $60. The analyst also upgraded the rating for Virtu Financial Inc VIRT from Underweight to Equal Weight, while raising the price target from $18 to $21. The Exchanges Thesis: There are risks to the growth outlook for Nasdaq's Solutions business, which comprises more than 70% of revenues, Cyprys said in the note. Check out other analyst stock ratings. "NDAQ is least exposed to a cyclical uplift to volumes, as trading revs comprise &LT30% of revs," he added. The downside risks are priced into Virtu Financial's shares, the analyst stated.