MSCI Q1 expected in-line, says RBC Capital

RBC Capital keeps an Outperform rating and $600 price target on MSCI ahead of its Q1 earnings. The quarter’s results should come in-line, driven by low double-digit organic subscription run rate growth but partially offset by the 7% decline in ABF, the analyst tells investors in a research note. MSCI will likely reiterate its FY23 adjusted EBITDA expense and free cash flow guidance but likely strike a cautious tone for the year as macro nervousness gains more center-stage, the firm added.