Piper Jaffray analyst Peter Appert views the valuations of the Rating Agencies as "more appealing" following the recent selloff. The combination of pricing power, attractive unit volume growth, margin leverage and robust free cash flow can drive sustainable low-to-mid-teens EPS growth for both S&P Global (SPGI) and Moody's (MCO), Appert tells investors in a research note. He admits, however, that cyclical weakness in issuance could keep the stocks in a near-term trading range. The analyst, who believes the "secular growth story remains appealing," has an Overweight rating on S&P Global and Neutral rating on Moody's.

FY24 consensus $14.11. Raises FY24 revenue growth view to 6%-8% from 5.5%-7.5%, consensus $13.43B.