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TP ICAP PLC (LSE:TCAP) has run far enough for Cavendish, which downgraded the financial market infrastructure group to ‘Hold' from ‘Buy' after a more than 30% share price gain since November. Cavendish nudged its target price down to 323p from 325p (versus the current price of around 314.4p), leaving just 3% of implied upside.

Cavendish has maintained its 'buy' rating on TP ICAP PLC (LSE:TCAP), the financial market infrastructure group, after first-quarter revenues rose 13% year on year to £689 million, comfortably ahead of expectations. The broker described the update as strong, with the group benefiting from elevated volatility levels driven by the geopolitical and macroeconomic backdrop.