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UPDATE: Benchmark Raises PT on The McGraw-Hill Companies on Positive 2013 Outlook

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In a report published Monday, Benchmark Company analyst Edward J. Atorino reiterated a Buy rating on The McGraw-Hill Companies (NYSE: MHP), and raised the price target from $57.00 to $59.00.

In the report, Atorino noted, “McGraw Hill recently completed the sale of McGraw Hill Education to investment funds associated with Apollo Group for $2.5 billion. Through Standard & Poor's, McGraw-Hill is one of the two the largest credit rating agencies in the world. Ratings agency revenue is highly correlated to bond issuance. 2012 appears headed for a strong year for bond issuance. With a continuing low interest rate environment, corporations should continue to issue new debt for capital expenditures, share repurchases, mergers and acquisitions, and refinancing. There remains a substantial amount of debt to be refinanced that ought to drive debt issuance through 2015. S&P estimates more than $1 trillion will be financed each year for the next several years.”

The McGraw-Hill Companies closed on Friday at $51.54.

Latest Ratings for MHP

DateFirmActionFromTo
Apr 2013JefferiesDowngradesBuyHold
Apr 2013BenchmarkMaintainsBuy
Feb 2013BarclaysMaintainsOverweight

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