S&P Global price target lowered to $442 from $460 at Stifel

Stifel lowered the firm’s price target on S&P Global to $442 from $460 and keeps a Buy rating on the shares. The firm estimates billed debt issuance increased 54% year-over-year in Q1, which it notes is significantly higher than it had initially estimated, and expects this to drive higher revenue and to flow through to higher margins. However, it believes some of the strength in the quarter was due to a partial pull-forward of demand and adds that it is unclear to us how the recent increase in rates will impact billed issuance going forward. Although Stifel is raising its estimates, it is lowering its price target to reflect lower Info Services comp valuations applied to its estimates.