Oppenheimer raised the firm’s price target on S&P Global to $590 from $540 and keeps an Outperform rating on the shares. The firm also increased its Q3 EPS forecast by 9% to $3.76 from $3.45, led by a higher revenue estimate in Ratings. This suggests upside of 10% vs. Street estimates. Valuation could stay elevated because of increasing acceptance of the secular trend in debt issuance, Oppenheimer adds, noting that incoming CEO Martina Cheung could also optimize the current portfolio and add new assets for her legacy, which could drive multiple expansion.
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