Moody’s price target raised to $430 from $411 at BofA

BofA raised the firm’s price target on Moody’s to $430 from $411 and keeps a Buy rating on the shares. Shares underperformed due to a Q4 margin miss and softer than expected 2024 guidance, but the firm views the post-print pullback in share price as “a good investment opportunity” as it thinks the company’s decision to invest an incremental 1% of 2024 sales doesn’t change the mid-term growth story, nor does it think that Moody’s is entering a multi-year margin dilutive investment cycle, the analyst tells investors. The firm also sees opportunity for upside on the 2024 outlook based on the company’s 2023 approach to guidance.