Benchmark Raises Price Target & Estimates on Moody's Corp. (MCO) Following Strong Q1 Results and Q2 Guidance
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Price: $503.32 +0.91%
Rating Summary:
20 Buy, 12 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
20 Buy, 12 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Benchmark is reiterating its Buy rating on shares of Moody's Corp (NYSE: MCO) and is raising its price target from $38 to $43 following strong Q1 results and raised FY11 guidance.
The company reported its Q1 results with $577 million in revenue and an EPS of $0.67, which is ahead of the firms estimates of $531 million and $0.56. MCO also raised its FY11 guidance now that projects revenue growth to be in the high single digit range for FY11.
The firm comments that the strength in the quarter was driven by a $55 million increase y/y in corporate revenue and an $18 million increase in structured revenue.
Benchmark is raising its FY11 total revenue estimate from $2.23 billion to $2.27 billion. It is also raising its FY11 EPS estimate from $2.22 to $2.32.
Moody’s increased its quarterly dividend by 22% to $0.14, which represents an annual yield of 1.5%. The company also repurchased 4.3 million shares for $128 million in Q1.
For more ratings news on Moody\'s Corp click here and for the rating history of Moody\'s Corp click here.
Shares of Moody\'s Corp closed at $38.33 yesterday.
The company reported its Q1 results with $577 million in revenue and an EPS of $0.67, which is ahead of the firms estimates of $531 million and $0.56. MCO also raised its FY11 guidance now that projects revenue growth to be in the high single digit range for FY11.
The firm comments that the strength in the quarter was driven by a $55 million increase y/y in corporate revenue and an $18 million increase in structured revenue.
Benchmark is raising its FY11 total revenue estimate from $2.23 billion to $2.27 billion. It is also raising its FY11 EPS estimate from $2.22 to $2.32.
Moody’s increased its quarterly dividend by 22% to $0.14, which represents an annual yield of 1.5%. The company also repurchased 4.3 million shares for $128 million in Q1.
For more ratings news on Moody\'s Corp click here and for the rating history of Moody\'s Corp click here.
Shares of Moody\'s Corp closed at $38.33 yesterday.
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