Stifel Nicolaus analyst Shlomo Rosenbaum maintained a Buy rating on S&P Global yesterday and set a price target of $599.00.
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Shlomo Rosenbaum has given his Buy rating due to a combination of factors tied primarily to a stronger-than-expected debt issuance environment and the resulting earnings impact for S&P Global. He highlights that rated debt volumes surged in October and November and likely remained robust in December, leading him to lift his fourth-quarter 2025 Ratings segment revenue growth and margin assumptions, which in turn pushes his EPS forecast above the current consensus. Rosenbaum also notes that the Ratings business is benefitting from record levels of Ratings Evaluation/Assessment Services activity, which typically precedes future issuance, and from improving trends in M&A. Altogether, these dynamics support a more favorable near-term outlook for the company’s core profit drivers.
Rosenbaum’s constructive stance extends into 2026, where he now anticipates a healthier backdrop for issuance as interest rates ease, credit spreads remain tight, and a sizable IPO backlog starts to clear, creating additional refinancing and ratings opportunities. He also cites the presence of meaningful “refinancing walls” in 2026 as another positive indicator of future transaction flow, even if he does not rely on that factor alone. Reflecting these conditions, he raises his 2026 Ratings revenue growth forecast and, consequently, his total company revenue and EPS estimates, which now stand above prior projections. The combination of stronger operational momentum, higher profitability in the Ratings segment, and upward revisions to forward estimates underpins his Buy recommendation on S&P Global shares.
According to TipRanks, Rosenbaum is a 4-star analyst with an average return of 5.9% and a 55.85% success rate. Rosenbaum covers the Financial sector, focusing on stocks such as S&P Global, Moody’s, and Factset Research.
In another report released on January 2, BMO Capital also maintained a Buy rating on the stock with a $546.00 price target.