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SPGI

S&P Global

$175.74

-1.47 (-0.83%)

, MCO

Moody's

$148.56

-0.48 (-0.32%)

10:41
01/11/19
01/11
10:41
01/11/19
10:41

Atlantic sees better entry point into S&P Global, upgrades to Overweight

As previously reported before the open, Atlantic Equities analyst John Heagerty upgraded S&P Global (SPGI) to Overweight from Neutral, stating that the 20% decline in the shares since July has provided a better entry point into the stock. He lowered his EPS forecasts for both S&P and Moody's (MCO) to account for the fact that corporate debt issuance was "very weak" in Q4. However, he also noted that high yield spreads have narrowed quickly since the beginning of the year, which he believes should provide a steadier platform for issuance in 2019. Also, debt refinancing requirements, particularly for high yield issuers, continue to increase, noted Heagerty, who has a $210 price target on S&P shares.

SPGI

S&P Global

$175.74

-1.47 (-0.83%)

MCO

Moody's

$148.56

-0.48 (-0.32%)

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SPGI S&P Global
$175.74

-1.47 (-0.83%)

01/02/19
STFL
01/02/19
NO CHANGE
Target $189
STFL
Hold
S&P Global estimates lowered on poor Q4 issuance trends at Stifel
Stifel analyst Shlomo Rosenbaum lowered his revenue and adjusted EPS estimates for S&P Global to reflect poor debt issuance trends in Q4 across all categories of fixed income. Debt issuance trends are down double digits year-over-year "across the board" in terms of both dollars of debt issued and numbers of issuances that occurred, estimates Rosenbaum, who cut his Q4 consolidated revenue and EPS estimates for S&P to $1.597B and $2.19, which he notes are both below consensus. Given the estimate cuts, Rosenbaum lowered his price target on S&P shares to $189 from $194 and keeps a Hold rating on the stock.
01/03/19
PIPR
01/03/19
NO CHANGE
Target $170
PIPR
Overweight
Piper lowers Moody's, S&P Global targets on 'mixed' 2019 outlook
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.
01/08/19
MSCO
01/08/19
DOWNGRADE
Target $135
MSCO
Underweight
Moody's downgraded to Underweight from Equal Weight at Morgan Stanley
Morgan Stanley analyst Toni Kaplan said she is increasingly cautious on the credit rating agencies given her view that recent spread widening has the potential to further impact issuance. With about 60% of revenue and about 80% of profits coming from its rating agency business, she expects Moody's (MCO) to come under pressure in a more challenging issuance environment and downgraded the stock to Underweight from Equal Weight. Kaplan, who forecasts a below consensus view for Ratings revenue at Moody's to be down 1% in FY19, lowered her price target on the shares to $135 from $156. Kaplan keeps an Equal Weight rating on credit rating agency peer S&P Global (SPGI), but lowered her price target on the shares to $186 from $202.
01/11/19
ATLE
01/11/19
UPGRADE
ATLE
Overweight
S&P Global upgraded to Overweight from Neutral at Atlantic Equities
MCO Moody's
$148.56

-0.48 (-0.32%)

11/14/18
GSCO
11/14/18
INITIATION
Target $225
GSCO
Buy
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.
01/02/19
STFL
01/02/19
NO CHANGE
Target $162
STFL
Hold
Moody's estimates lowered on poor Q4 issuance trends at Stifel
Stifel analyst Shlomo Rosenbaum lowered his revenue and adjusted EPS estimates for Moody's to reflect poor debt issuance trends in Q4 across all categories of fixed income. Debt issuance trends are down double digits year-over-year "across the board" in terms of both dollars of debt issued and numbers of issuances that occurred, estimates Rosenbaum, who cut his Q4 consolidated revenue and EPS estimates for Moody's to $1.11B and $1.66, which he notes are both below consensus. Given the estimate cuts, Rosenbaum lowered his price target on Moody's shares to $162 from $165 and keeps a Hold rating on the stock.

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MRTX

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BREW

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ROX

Castle Brands

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0.0122 (1.36%)

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PRT

PermRock Royalty Trust

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GBCI

Glacier Bancorp

$42.87

1.36 (3.28%)

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ERJ

Embraer

$22.81

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AICAF

Air China

$0.00

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CEA

China Eastern Airlines

$28.64

-0.09 (-0.31%)

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MS

Morgan Stanley

$44.48

1.59 (3.71%)

, BBT

BB&T

$47.55

1.2 (2.59%)

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1.59 (3.71%)

BBT

BB&T

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PPG

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1.58 (1.56%)

MTB

M&T Bank

$154.45

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KEY

KeyCorp

$16.75

0.44 (2.70%)

FAST

Fastenal

$54.11

-0.47 (-0.86%)

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FDC

First Data

$21.27

3.72 (21.20%)

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  • 03

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VEON

Veon

$2.56

-0.03 (-1.16%)

19:44
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AMZN

Amazon.com

$1,682.84

7.84 (0.47%)

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GS

Goldman Sachs

$197.03

17.12 (9.52%)

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TSLA

Tesla

$346.03

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CARS

Cars.com

$23.14

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, MNKD

MannKind

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FUL

H.B. Fuller

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PLXS

Plexus

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CSX

CSX

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Kinder Morgan

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Alcoa

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Mirati Therapeutics

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Apple

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BAC

Bank of America

$28.44

1.89 (7.12%)

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NEWR

New Relic

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1.38 (1.55%)

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TME

Tencent Music

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ASCMA

Ascent Capital

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CMS

CMS Energy

$50.56

0.34 (0.68%)

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DTE

DTE Energy

$111.73

0.48 (0.43%)

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