Risk assessment firm Moody’s Corp. (NYSE: MCO) plans to withdraw the credit ratings provided by its Moody’s Investors Service (MIS) on entities based in Russia. This follows the company’s announcement on March 5 to suspend operations in the transcontinental nation.
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The suspension, which comes in the wake of Russia’s invasion of Ukraine, included Moody’s Analytics (MA) and MIS. The decision did not include all operations of MIS, which continued to provide analytical coverage for existing ratings.
Based out of New York, Moody’s offers data, analytical solutions and insights. It publishes credit ratings on debt obligations of organizations as well as provides products and services that support financial analysis and risk management activities.
MCO stock closed over 1% up on Thursday at $329.50.
Price Target
Based on eight Buys and three Holds, Moody’s has a Moderate Buy consensus rating. The average MCO price target of $379.64 implies 15.2% upside potential from current levels. Shares have lost almost 14% year-to-date.
Blogger Opinions
TipRanks data shows that financial blogger opinions are 85% Bullish on Moody’s, compared to the sector average of 70%.
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