UPDATE: RBC Capital Starts Moody's Corp (MCO) at Outperform
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RBC Capital analyst Ashish Sabadra initiates coverage on Moody's Corp (NYSE: MCO) with a Outperform rating and a price target of $409.00.
The analyst comments "Moody’s Analytics should sustain low-double-digit revenue growth driven by the focus on integrated risk assessment. Secular trends for credit issuance and pricing increases bode well for high-single-digit revenue CAGR for the MIS (ratings) business in the medium term despite the near term headwinds. We expect sustained margin expansion in the medium term despite the expense growth through the rest of the FY21 due to strategic investments and M&A. In addition,share repurchase sshould help deliver upside to the long-term guidance of low-teens earnings growth. Accordingly, we initiate coverage at Outperform with a $409 price target."
Shares of Moody's Corp closed at $370.04 yesterday.
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