Model update: remain Neutral
We are updating our MCO model to reflect Q2 results, revenue trends and guidance from management. As a result, we have increased our adjusted operating EPS in FY18 by 0.9%. The strong Q2 result, partially offset by lower revenue growth assumptions for MIS and MA for Q3 and Q4 is the main driver of the change. We leave our FY19 and FY20 EPS forecasts largely unchanged as lower revenue estimates are offset by higher margin expectations. Our valuation and price target remain at $170 and we retain our Neutral recommendationMoody'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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