UBS Maintains a 'Neutral' on Moody's Corp (MCO); Abu Dhabi Lawsuit Update
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Price: $67.25 +1.02%
Rating Summary:
4 Buy, 4 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
4 Buy, 4 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade MCO Now!
UBS maintains a 'Neutral' on Moody's Corp (NYSE: MCO) price target of $38.00.
According to Reuters (from Saturday, Aug 18), a Manhattan, NY judge denied a dismissal request by Moody's and Standard & Poor's. Judge Shira Scheindlin said that a jury could reasonably infer the agencies actions (if fradulently) over activities regarding Cheyne structured investment vehicle.
The original claims was from The Abu Dhabi Commercial Bank, King County in Washington state, and a group of other investors had sued over losses they claimed to suffer when Cheyne went bankrupt in August 2007. The plaintiffs say that by the time Cheyne collapsed it was worth about $9 billion.
Also, the write up claimed Morgan Stanley (NYSE: MS) not only substantially assisted the rating agencies in perpetrating a fraud, but actively encouraged them to do so.
For an analyst ratings summary and ratings history on Moody's Corp click here. For more ratings news on Moody's Corp click here.
Shares of Moody's Corp closed at $39.71 yesterday, with a 52 week range of $26.79-$43.05.
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According to Reuters (from Saturday, Aug 18), a Manhattan, NY judge denied a dismissal request by Moody's and Standard & Poor's. Judge Shira Scheindlin said that a jury could reasonably infer the agencies actions (if fradulently) over activities regarding Cheyne structured investment vehicle.
The original claims was from The Abu Dhabi Commercial Bank, King County in Washington state, and a group of other investors had sued over losses they claimed to suffer when Cheyne went bankrupt in August 2007. The plaintiffs say that by the time Cheyne collapsed it was worth about $9 billion.
Also, the write up claimed Morgan Stanley (NYSE: MS) not only substantially assisted the rating agencies in perpetrating a fraud, but actively encouraged them to do so.
For an analyst ratings summary and ratings history on Moody's Corp click here. For more ratings news on Moody's Corp click here.
Shares of Moody's Corp closed at $39.71 yesterday, with a 52 week range of $26.79-$43.05.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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