Moody's Corp (MCO) PT Raised to $357 at Oppenheimer

Oppenheimer analyst Owen Lau raised the price target on Moody's Corp (NYSE: MCO) to $357.00 (from $337.00) while maintaining an Outperform rating.

The analyst commented, "MCO reported 1Q21 results with EPS coming in at $4.06 vs. our estimate of $2.77 and consensus' $2.82E. The beat was primarily driven by both higher revenue and lower than expected expenses (see first-take). As we indicated in our update note and preview, we were confident that MCO woiuld print a strong quarter. While there is ~$0.30/share of non-recurring tax benefits, this magnitude of beat far exceeds our expectation. That said, the stock was down 2.0% at the close, in our view likely driven by a combination of 1) the implied guidance suggests that revenue and margin will moderate in 2Q-4Q21; 2) unclear to slightly negative Q3/summer issuance outlook provided on the call; and 3) investors taking profit given the recent strong run."

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