The Gospel According to Peter(ffy): Initiate Interactive Brokers (IBKR) at Outperform, $101 PT

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The Gospel According to Peter(ffy): Initiate Interactive Brokers (IBKR) at Outperform, $101 PT

Brokers, Asset Managers & Exchanges

Retail Brokers - Market Weight

INTERACTIVE BROKERS GROUP, INC. (IBKR) June 8, 2026

The Gospel According to Peter(ffy): Initiate Interactive Rating:

Brokers (IBKR) at Outperform, $101 PT Outperform

Price:

$84.40

The Wolfe Byte Price Target:

IBKR is the only eBroker with a an unconstrained global TAM, supporting more $101

% Upside:durable long-term account / EPS growth vs. peers. While shares have run over the 19.7%

last 3Y, valuation is undemanding vs. Financials / Tech comps. Initiate Outperform

View IBKR Model

(+20% upside). View Comp Table

Company Information

All Aboard the Global Growth Train. We are initiating coverage of IBKR with 52-Week Range $51 - $89

an Outperform rating and a $101 price target (+20% valuation upside). IBKR Market Cap. (MM) $37,599

has built one of the only brokerage platforms with a true global footprint and a Enterprise Value (MM) $(14,698) Shares Out. (MM) 445.5

demonstrated ability to sustain its growth at high incremental margins. Shares are Avg. Value Traded (MM) $607.34

trading above historical valuation ranges, but relative valuation vs. a wider array SI% of Float 2.7%

of balance-sheet light comps (eBrokers, Exchanges, Business Services, FinTech)

appears undemanding. 9590

Investment Case: We believe ~25% long-term ("L/T") account growth should prove 8075

70sustainable given an unmatched geographic footprint and access to channels beyond

individual investors (Introducing Brokers, Prime, RIA). Moreover, IBKR has already 60

absorbed the upfront costs of expanding internationally, suggesting the firm's best- 5550

in-class margins should prove sustainable with incremental account growth.