Mizuho Starts S&P Global (SPGI) at Outperform

Mizuho analyst Sean Kennedy initiates coverage on S&P Global (NYSE: SPGI) with a Outperform rating and a price target of $599.00.

The analyst comments: "SPGI's credit rating agency is a high quality business due to its take-rate business model (L-T inflation protection) on global debt issuance, a strong competitive moat, consistent pricing power due to credit ratings' high value, and strong incremental operating leverage. For Ratings, we also expect that recent technology investments should result in greater than expected profitability over the coming years. We see an attractive medium-term issuance environment and believe Market Intelligence is turning the corner (after softer growth in 2024) due the financial sector stabilization. Additionally, Indices, Commodities Insights, and Mobility are strong information services businesses with unique in-demand data assets and benchmarks that should grow well and expand margins over time. For SPGI, we value the company using a 31x multiple on 2026 adj. EPS of $19.32, resulting in our $599 price target."

For an analyst ratings summary and ratings history on S&P Global click here. For more ratings news on S&P Global click here.

Shares of S&P Global closed at $480.00 yesterday.

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