S&P Global Inc

SPGI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$716.00	Nqy	Gpzhlmhqcq

S&P Global Earnings: Ratings Strength Results in Improved Outlook

Rajiv Bhatia

Jul 30, 2024

S&P Global had a solid second quarter with strong ratings revenue resulting in the firm raising its 2024 outlook. However, following the results of competitor Moody's, we believe the results were largely anticipated by the market, which explains the muted stock reaction. Outside of ratings, S&P made some minor tweaks to its guidance. We will maintain our wide moat rating and are increasing our fair value estimate by 3.5% to $445 per share as we take into account near-term ratings strength and the time value of money.

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