Benchmark Raises EPS On Moody's

According to Benchmark, Moody's Corp MCO EPS is raised. Benchmark reported that it is increasing its 1Q11 revenue estimate to $531 million, up 11% y/y, which leads to an EPS of $0.56, up 20% y/y and an increase of $0.01 from its previous estimate. “Moody's continues to benefit from strong bond issuance as global issuance of industrial, utility, and financial institution debt rose by 31% in March, to $344 billion, led by gains in US high grade industrials and financials. 2011 is on pace to be the best year for issuance since 2007. We increase our PT from $34 to $38 per share based on 17x 2011E EPS.” Moody's Corp closed yesterday at $35.22.