UPDATE: Benchmark Company Reiterates Buy Rating, Raises PT on The McGraw-Hill Companies
In a report published Wednesday, Benchmark Company reiterated its Buy rating on The McGraw-Hill Companies (NYSE: MHP), and raised its price target from $53.00 to $64.00.
Benchmark noted, “With a likely prolonged favorable US interest rate environment following recent action by the Federal Reserve, and a substantial amount of debt coming due for refinancing, US issuance is expected to remain strong over the rest of the year and likely well into 2013. New issuance for capital expenditures, share repurchases and M&A activity could also drive issuance. The recent strength in US bond issuance likely reflects some ‘pull forward' refinancing of debt maturing later in the year which is expected to continue to drive US debt issuance. Issuance from Europe, Asia and emerging markets may also increase due to stabilization in international financial markets.”
The McGraw-Hill Companies closed on Tuesday at $53.60.
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