MSCI upgraded to Neutral at BofA with ‘worst-case scenario’ priced in

As previously reported, BofA upgraded MSCI to Neutral from Underperform with a price target of $525, up from $425. The firm thinks the recent stock pullback is pricing in an “unlikely worst-case scenario” and sees pending upside support from buybacks, the analyst tells investors. Shares derated after MSCI reported heavy Q1 cancellations, but the firm thinks this was a one-off event and that the business is in better shape than the current valuation reflects, the analyst added.