Piper Jaffray Overweight on Moody's Corporation (MCO)

Piper Jaffray is out with a research report on Moody's Corporation (NYSE: MCO) and it has an Overweight rating and a $45 price target on shares.

In a note to clients, Piper Jaffray writes, "Dismissal of a negligent misrepresentation suit brought by Ohio Police & Fire Pension Fund, et al., is a significant win for MCO and MHP, in our view, and brings to over 30 the number of suits that have been dismissed or withdrawn (with zero negative decisions). The ruling builds on prior precedent and serves to bolster our confidence that litigation risk continues to diminish. We view reduced litigation and regulatory risk are key drivers of potential P/E upside in MHP and MCO shares."

Shares of MCO gained 38 cents yesterday to close at $31.49.