Model update: remain Neutral
We are updating our MCO model to reflect Q4 results, revenue trends and guidance from management. As a result, we have increased our adjusted operating EPS in FY18 by 18% and by 19% in FY19. Strong revenue growth assumptions are augmented by further margin expansion and a reduction in the effective corporate tax rate to 22-23%. Our valuation and price target increase to $170 (from $145) as we incorporate our new forecasts and roll forward our DCF-based valuation. We retain our Neutral recommendation.Moody's is a provider of credit ratings and assessment services; credit, capital markets and economic research, data and analytical tools; software solutions that support financial risk management activities; quantitatively derived credit scores; learning solutions and certification services; and company information and business intelligence products. The company's segments are: Moody's Investors Service, which publishes credit ratings on a range of debt obligations and the entities that issue such obligations in markets worldwide; and Moody's Analytics, which provides financial intelligence and analytical tools to assist businesses in making decisions.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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