Moody’s upgraded to Market Perform from Underperform at Raymond James

Raymond James analyst Patrick O’Shaughnessy upgraded Moody’s (MCO) to Market Perform from Underperform without a price target ahead of the Q3 results. The firm sees limited further downside risk to the stock’s valuation multiple, which it notes currently sits near a five-year average. Strong issuance activity should boost Moody’s Q3 results, and Raymond James is more confident that the company will achieve the higher end of its full-year guidance, the analyst tells investors in a research note. As such, it sees the stock’s risk/reward as relatively balanced.