Moody's Corp (MCO) PT Raised to $322 at Stifel, Raises Estimates

April 9, 2021 1:57 PM EDT
Get Alerts MCO Hot Sheet
Price: $328.84 +2.85%

Rating Summary:
    11 Buy, 13 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 26 | Down: 9 | New: 37
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Stifel analyst Shlomo Rosenbaum raised the price target on Moody's Corp (NYSE: MCO) to $322.00 (from $296.00) while maintaining a Hold rating.

The analyst commented, "We are raising our estimates primarily to reflect the very strong High Yield debt issuance in 1Q21, which we believe is much stronger than the company had expected. On a sequential basis, total debt issuance in 1Q21 was up 23% from 4Q20. Our 1Q21 Adjusted Earnings estimate is going from $2.33 to $2.79 (versus consensus $2.70), and our 2021 adjusted EPS estimate is going from $10.57 to $10.79 (versus consensus at $10.66). We are raising our target price from $296 to $322, which reflects a blend of 19x EV/2022E EBITDA and 28x our 2022 earnings estimate. See our industry note, “High Yield Debt Issuance Should Lead to CRA Outperformance; Raising Estimates and Target Prices” for more detail on 1Q21 debt issuance metrics and trends."

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