Debt issuance ended 2018 on a soft note, with tough comps and higher rates likely to constrain growth through the first half of 2019, Piper Jaffray analyst Peter Appert tells investors in a research note. The analyst trimmed his estimates and price targets for both Moody's (MCO) and S&P Global (SPGI) on the belief that continued issuance volatility is likely to keep both stocks in a trading range for at least the next several months. He dropped his price target for Moody's to $170 from $178 and for S&P Global to $207 from $217. Appert, however, keeps Overweight ratings on both names despite the "mixed" outlook for 2019. He sees "attractive secular growth potential" and room for margin upside.