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SPGI

S&P Global

$180.07

-2.08 (-1.14%)

, MCO

Moody's

$148.05

-2.03 (-1.35%)

07:23
11/14/18
11/14
07:23
11/14/18
07:23

Goldman Sachs starts S&P Global at Buy, Moody's at Neutral

As previously reported, Goldman Sachs analyst George Tong started S&P Global (SPGI) with a Buy rating and $225 price target. Tong also started Moody's (MCO) with a Neutral rating and $165 price target. He sees S&P Global and Moody's each having wide and sustainable competitive moats, given their scale and roles as gatekeepers to the debt capital markets, but favors S&P for its diversified business and sustained market share gains at CapIQ. Moody's has greater exposure to debt issuance volume trends, which he believes could introduce near-term volatility, Tong told investors in his initiation note.

SPGI

S&P Global

$180.07

-2.08 (-1.14%)

MCO

Moody's

$148.05

-2.03 (-1.35%)

  • 15

    Nov

  • 03

    Dec

SPGI S&P Global
$180.07

-2.08 (-1.14%)

11/14/18
GSCO
11/14/18
INITIATION
Target $225
GSCO
Buy
S&P Global initiated with a Buy at Goldman Sachs
Goldman Sachs analyst George Tong started S&P Global with a Buy rating and $225 price target.
10/30/18
PIPR
10/30/18
NO CHANGE
PIPR
Overweight
Rating Agencies 'more appealing' on recent pullback, says Piper Jaffray
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.
10/09/18
UBSW
10/09/18
NO CHANGE
UBSW
Buy
Ratings agencies Q3 estimates still too high, says UBS
UBS analyst Alex Kramm adjusted his estimates for the rating agencies ahead of Q3 results but still remains below Street expectations for both Moody's (MCO) and S&P Global (SPGI). He likes the setup for better refi activity in 2019, but he expects continued choppiness in the near-term on the back of rising rates and volatility.
08/31/18
STFL
08/31/18
NO CHANGE
STFL
Hold
Moody's, S&P may underperform if debt issuance trends continue, says Stifel
Stifel analyst Shlomo Rosenbaum said that it appears August has been a particularly weak month for debt issuance, which means an "exceedingly strong September" will be needed to achieve consensus estimates for the respective ratings businesses of Moody's (MCO) and S&P Global (SPGI). Structured finance deals, which are particularly lucrative, have been offsetting year-over-year issuance declines in other parts of the ratings business, but the dollar and issuance volumes in the structured securities and loans areas are both down materially quarter-to-date, added Rosenbaum. He maintains Hold ratings on both Moody's and S&P Global.
MCO Moody's
$148.05

-2.03 (-1.35%)

11/14/18
GSCO
11/14/18
INITIATION
Target $165
GSCO
Neutral
Moody's initiated with a Neutral at Goldman Sachs
Goldman Sachs analyst George Tong started Moody's with a Neutral rating and $165 price target.
10/29/18
CANT
10/29/18
NO CHANGE
Target $145
CANT
Neutral
Moody's price target lowered to $145 from $171 at Cantor Fitzgerald
Cantor Fitzgerald analyst Joseph Foresi lowered his price target for Moody's to $145 saying he remains cautious about the "volatile" issuance market. Moody's reported "poor" Q3 results due to the decline in U.S. corporate debt issuance in the period, Foresi tells investors in a research note. The analyst keeps a Neutral rating on the shares.

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TGT

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AEO

American Eagle

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ANGI

Angi Homeservices

$8.18

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Match Group

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AAPL

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$206.44

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NCLH

Norwegian Cruise Line

$50.48

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RM

Regional Management

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RTN

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WEN

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BRY

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$8.59

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CSWI

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OAS

Oasis Petroleum

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El Paso Electric

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HON

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Perrigo

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UAL

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GIG

GigCapital

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