Model update: remain Overweight
We have modestly lowered our SPGI forecasts given our expectations for slightly slower revenue growth in Ratings and a slight delay in timing for margin improvements. However, we retain our Overweight recommendation as we believe that the franchise remains extremely strong with some attractive tailwinds. Our price target remains at $210. SPGI is hosting an investor day on 24th May, which should provide some interesting information regarding SPGI's longer-term margin assumptions.S&P Global is a provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. The company's segments include: S&P Global Ratings, which provides credit ratings, research and analytics; S&P Global Market Intelligence, which provides multi-asset-class data, research and analytical capabilities that integrate cross-asset analytics and desktop services; S&P Global Platts, which provides information and benchmark prices for the commodity and energy markets; and S&P Dow Jones Indices, which provides a variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.
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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