J.P. Morgan Reiterates Overweight On Moody's (MCO)

J.P. Morgan Chase & Co. is reiterating its Overweight rating on Moody's Corporation MCO, after the company presented at a J.P. Morgan conference yesterday. It has a $33 price target on shares. In a note sent to investors, J.P. Morgan writes, "We're reiterating our Overweight rating on MCO shares following the company's presentation at JPM's 1st annual “Ultimate Services” Conference. CEO Ray McDaniel and Analytics President Mark Almeida presented. Discussion focused on debt issuance trends, LT market drivers, Analytics expansion, and legal/regulatory issues. Moody's reported Q3,10 results about 2 weeks ago, so there was little new commentary on near-term financials or margins. However, new issuance has remained strong in Q4,10—with this past Monday marking the highest 1-day issuance tally since early-2009. The stock is +27% since 9/1— we think further multiple re-rating is possible given upward estimate bias and receding (but not removed) regulatory/legal overhang." Shares of MCO lost 26 cents yesterday to close at $27.81, a loss of nearly 1% yesterday.