S&P Global (SPGI) PT Raised to $414 at Stifel, Raises Estimates

April 9, 2021 1:58 PM EDT
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Price: $379.72 -2.73%

Rating Summary:
    14 Buy, 4 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 25 | Down: 19 | New: 37
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Stifel analyst Shlomo Rosenbaum raised the price target on S&P Global (NYSE: SPGI) to $414.00 (from $385.00) while maintaining a Buy 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 EPS estimate is going from $2.89 to $3.10 (versus the consensus $3.00 estimate), and our 2021 adjusted EPS estimate is going from $12.38 to $12.55 (versus the consensus $12.40 estimate). We are raising our target price from $385 to $414, which reflects a blend of 23x EV/2021E EBITDA and 2022E EBITDA estimates, and 32x our 2021 and 2022 earnings estimates when using our pro forma deal math estimates for the combination of SPGI and INFO. 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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