MSCI: Strong Growth Potential and Attractive Valuation Justify Buy RatingWe believe MSCI has the ability to reaccelerate organic growth, and do not think the market is pricing in upside opportunities from custom indexes (which grew 13% y/y this quarter), Climate (subs +21% and ABF +27%), and Private Assets ($4B TAM). We think this is an attractive entry point into a name that historically trades at a premium valuation. Following our model update, our '25/'26 adj. EBITDA estimates are up 3%. EV/EBITDA, we see shares at a discount to fair value, and reiterate our OW What’s Changed MSCI Inc. (MSCI.N) $650.00 MSCI Inc. | New Sales Disappoint Disappointing new sales across Assets trumped a solid 2Q, while '25 guidance was reiterated. Attractive valuation for best-in-class Info Services stock. Reiterate OW, PT to $650 (from $671).