KBW Initiates MORN At MP, $57 PT

KBW is initiating coverage of Morningstar, Inc. MORN with a Market Perform rating and a $57 PT. “Predominately known as a provider of domestic mutual fund information, we view Morningstar, Inc. as an increasingly global financial information and investment management firm across asset classes and client types,” KBW writes. “Although we are positive on long-term EPS growth and potential for operating leverage, near-term revenue growth should be constrained given ongoing pressure on U.S. retail investors while margin improvement may be more limited.” Morningstar closed Friday at $55.85.