UPDATE: Piper Jaffray Lowers Price Target On Moody's To $45

According to Piper Jaffray, Moody's MCO price target is lowered to $45. Piper Jaffray said that it is trimming its estimates for Moody's to reflect anticipated near-term softness in new debt issuance volumes. “Based on weak July and August issuance volumes, and an expectation of more-of-the-same in September, we are cutting our 3Q EPS estimate to $0.50 from $0.53 (consensus is $0.51).” Moody's closed yesterday at $29.05.