BMO Capital Raises Price Target on Moody’s Corp. (MCO) Following Investor Day
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BMO Capital reiterated a Market Perform rating on Moody's Corp (NYSE: MCO), and raised the price target to $112.00 (from $104.00), following investor day. Management raised its 2016 GAAP EPS guidance by $0.15 owing to an FX gain related to a subsidiary reorganization, offset by restructuring costs. 2016 nonGAAP EPS guidance was maintained .
Analyst Jeffrey Silber commented, "Margin expansion may be deferred a bit as much of its expected costcutting savings is reinvested in its business. However, near-term expectations may be a bit conservative, as 2016 non-GAAP EPS guidance was maintained, despite improving debt issuance trends and greater-than-expected cost cutting. We are raising our estimates as we believe we had previously been overly conservative."
Shares of Moody's Corp closed at $109.57 yesterday.
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