UPDATE: Benchmark Upgrades Moody's to Buy on Surge in Bond Issuance
Benchmark raised its rating on Moody's (NYSE: MCO) from Hold to Buy and increased its price target from $43 to $51.
Benchmark commented, "We are raising our 2012 revenue and EPS estimates, due to a surge in bond issuance, along with strong growth prospects at Moody's Analytics. … Following a slowdown in bond issuance in 2Q12, particularly in corporate finance and financial institutions, issuance has recovered strongly in recent weeks and into September. Issuance has been led by US investment grade, with an upsurge in asset backed and high yield bonds. European issuance has also picked up strongly, with Asian issuance up substantially y/y in August."
Moody's closed at $43.82 on Friday.
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