Moody’s price target raised to $451 from $420 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Moody’s (MCO) to $451 from $420 and keeps an Equal Weight rating on the shares. Noting that issuance strength continued in Q3 with aggregate quarter-to-date issuance up 37% year-over-year through August, the firm is raising Q3 Ratings revenue growth estimates for both Moody’s and S&P Global (SPGI).