MSCI price target raised to $638 from $588 at RBC Capital

RBC Capital analyst Ashish Sabadra raised the firm’s price target on MSCI to $638 from $588 and keeps an Outperform rating on the shares. The company’s Q4 earnings topped estimates and its free cash flow guidance was better than feared, though the beat was mostly driven by strong ABF and non-recurring revenues, the analyst tells investors in a research note. RBC adds however that the modest net new subscription sales growth after declining for four quarters and retention improving 60bps in a tough macro environment was perceived positively.