Zacks Investment Research upgraded shares of Moody's Corporation (MCO) from NEUTRAL to OUTPERFORM on March 11, 2013, with a target price of $61.00.
Moody's continues to impress with its solid execution and consistent earnings growth. The company ended 2012 on a strong note, as both revenues and earnings jumped approximately 20% each and margin expanded 50 basis points despite higher operating expense. The company provided positive overall guidance primarily reflecting strong quarterly results and improving U.S. corporate finance market. We believe that Moody's remains a solid franchise in rating debt instruments based on its diversified credit research business model and international growth opportunities. Moreover, strength in new domestic debt issuance and improving clarity over regulatory climate are positives. Additionally, improving liquidity, higher dividend payout and continuing share buybacks are the other positives. We upgrade Moody's to Outperform and set a price target of $61.00.
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