TransUnion price target raised to $103 from $96 at Morgan Stanley

Morgan Stanley raised the firm’s price target on TransUnion (TRU) to $103 from $96 and keeps an Overweight rating on the shares after having recently hosted management for a non-deal roadshow in New York. Takeaways from the meeting include that the market is nearing a bottom on the supply side of credit, that pre-qualification volumes in early 2024 were ahead of TransUnion’s initial expectations and that the insurance market is still not fully back, but demand upside exists, the analyst tells investors. TransUnion is trading at a 5-turn discount to the Info Services group and Equifax (EFX), notes the firm, which thinks this gap provides valuation support for TransUnion and expects the gap to narrow, the analyst added.