Moody’s price target raised to $430 from $366 at BMO Capital

BMO Capital raised the firm’s price target on Moody’s to $430 from $366 and keeps an Outperform rating on the shares. The firm is boosting its FY23 EPS estimates by 6c to $10.13 following Friday’s release of November billed issuance trends, which were up 26% y/y, the analyst tells investors in a research note. BMO adds that the expansion of the company’s Moody’s Analytics offerings should diversify the business with new growth markets, even though the firm still sees the stock as mostly exposed to debt issuance trends.