UPDATE: Benchmark Raises PT to $37 on Moody's

Benchmark reiterates its Hold rating on Moody's

and raises its price target by $3 to $37 on soft top line and increased expenses for Q4. Benchmark says, "Moody's reported soft top-line results in 4Q11. Expenses increased resulting in an operating income decline of 13% y/y. However, 2012 guidance called for high-single to low-double digit percentage revenue growth and a mid-point of EPS growth at 9% y/y. Despite decent guidance, we remain cautious given growth is back half weighted." MCO closed at $38.31 yesterday.