Moody’s upgraded to Overweight from Equal Weight at Barclays

Barclays analyst Manav Patnaik upgraded Moody’s to Overweight from Equal Weight with a price target of $450, up from $375. The analyst believes Street estimates are underestimating the potential revenue uplift for the credit rating agencies. Both Moody’s and S&P Global have enough earnings upside and look attractive when putting a normal multiple on normalized earnings, the analyst tells investors in a research note. The firm still prefers shares of S&P Global to Moody’s.