Moody’s initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of Moody’s with an Overweight rating and $510 price target. The stock’s 40-times forward earnings multiple – the top end of its historical range – accounts for the company’s “evolving model”, where the Moody’s Analytics, or MA, segment now contributes 50% of revenue, the analyst tells investors in a research note. In MA, the firm believes that GenAI should help drive content discovery and accelerate monetization of the company’s data assets, Wells Fargo stated.