TD Cowen analyst Bill Katz has maintained a Buy rating on Nasdaq (NDAQ) while adjusting the financial outlook for the stock. The firm lowered the price target to $98 from $104, reflecting a revised valuation.

Rating and Price Target

The research note reinforces a positive stance on the company despite the reduction in the target price. The adjustment signals a shift in the firm's expectations regarding the stock's near-term performance potential.

The decision to maintain the Buy rating suggests that the underlying fundamentals remain favorable even as the price target is recalibrated.

Nasdaq reported that short interest across all its securities increased to 21,219,978,207 shares as of the settlement date of May 29, 2026. This figure compares with 20,910,610,395 shares reported for the prior settlement date of May 15, 2026. The data covers a total of 5,399 Nasdaq securities, reflecting the aggregate number of shares sold short by broker-dealers regardless of exchange affiliation.

The short interest for the reporting period represents 2.15 days of average daily volume, a decrease from the 2.25 days average recorded during the prior reporting period. This metric indicates the number of days it would take to cover all short positions based on the average trading volume.

Market Breakdown

Short interest levels varied across Nasdaq's primary market tiers. The Nasdaq Global Market experienced an increase in both the number of securities and the volume of shares sold short, while the Nasdaq Capital Market saw a slight rise in share count with a marginal decrease in the days to cover ratio.

Global Market Performance

In the Nasdaq Global Market, short interest totaled 17,273,936,410 shares across 3,749 securities. This marked an increase from the 17,000,786,423 shares reported across 3,727 issues for the settlement date of May 15, 2026. The days to cover ratio for this segment rose to 3.01 days from 2.74 days in the previous period.

Capital Market Performance

Short interest in the Nasdaq Capital Market reached 3,946,041,797 shares for 1,650 securities as of May 29, 2026. This compares with 3,909,823,972 shares in 1,640 securities during the previous reporting period. The days to cover for this segment was 1 day, down from 1.28 days in the prior period.