UBS analyst Alex Kramm upgraded Moody's to Buy from Neutral with a price target of $245, up from $215. Following two years of "lackluster" performance, the "ingredients are in place for corporate issuance to meaningfully improve," Kramm tells investors in a research note. The analyst expects the combination of low interest rates, easier compares, and "significant" corporate debt refinancing needs to drive nearly 9% ratings growth in 2020 versus the 5%-6% consensus expectations. With Moody's shares nearly 10% off their recent highs, the analyst sees an attractive entry point at current levels.