UPDATE: Benchmark Raises PT on Moody's Corporation on Strong Bond Issuance
In a report published Friday, Benchmark Company analyst Edward J. Atorino reiterated his Buy rating on Moody's Corporation (NYSE: MCO), and raised the price target from $52.00 to $60.00.
In the report, Atorino noted, “Moody's (MCO-Buy) share price has rebounded 15% since mid-February following a 21% price decline in early February following the recent Justice Department's suit against S&P – a division of McGraw-Hill (MHP-Buy) – and the subsequent disclosure that the NY Attorney General is looking into the ratings agencies compliance with agreements reached in 2008. While legal issues remain important, bond issuance in 1Q13 has been strong, supporting Moody's favorable fundamentals, and ought to support a higher share price as legal issues are put into proper perspective or are resolved.”
Moody's Corporation closed on Thursday at $51.50.
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