BofA lowered the firm’s price target on MSCI to $425 from $530 and keeps an Underperform rating on the shares following what the firm calls “a tough quarter with MSCI posting elevated cancels.” While the firm thinks Q1 is “very likely the worst it gets near-term” with the Credit Suisse/UBS merger impact largely behind them, it assumes challenges from the company’s active manager customer base persists and adds that the ESG business is no longer, for the near-term, a significant driver of MSCI’s revenue growth.