UPDATE: S&P Global (SPGI) PT Raised to $419 at Oppenheimer; 'Diversified Model With Multiple Fundamental Legs'
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Oppenheimer analyst Owen Lau raised the price target on S&P Global (NYSE: SPGI) to $419.00 (from $404.00) while maintaining an Outperform rating, citing a diversified model with multiple fundamental legs.
The analyst commented, "Despite the markets retreating the last two weeks, SPGI still has a good start to 3Q22 with the stock up 8.0%, outperforming S&P 500 by 80bps. Note that non-Ratings businesses contribute ~70% of SPGI's total revenue, and fundamentally they remain solid predicated upon: 1) healthy equities fund inflows and rising AUM linked to S&P indices; 2) strong ESG growth; 3) robust Carfax/used car market; 4) recent bond fund inflows and declining IG/HY spread; and 5) upside to guidance if issuance recovers. The largely stabilization in capital markets at a minimum inject confidence that the stock can regain its footing. We are incrementally positive on SPGI and view the recent sell-off as buying opportunity for LT investors. We are raising our PT from $404 to $419."
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