Moody’s price target lowered to $445 from $515 at UBS

UBS analyst Alex Kramm lowered the firm’s price target on Moody’s (MCO) to $445 from $515 and keeps a Neutral rating on the shares. UBS adjusted its estimates primarily on strong debt issuance, recent equity market appreciation, and favorable foreign exchange trends, the analyst tells investors in a research note. While the group broadly underperformed the market in the last three months, valuations are still elevated for several stocks, UBS argues.