Why S&P Global Stock Inched Higher on Tuesday
Key Points
A top bank resumed its coverage of the financial information and analysis specialist.
It flagged its equity as a buy.
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S&P Global (NYSE: SPGI) was on the business end of a positive analyst update on Tuesday, and thanks to that its stock landed in the black that trading session. We're not talking a massive leap higher, though; the shares ended the day 0.2% higher, although that was good enough to beat its own S&P 500 index's 0.1% rise.
Welcome back
The analyst who authored the update was Joshua Dennerlein of Bank of America Securities. That morning, he reinstated his bank's coverage of S&P Global stock with a buy recommendation. This was accompanied by a $575-per-share price target.
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According to reports, Dennerlein's move is due to what he considers to be the company's conservative guidance. He feels this can be exceeded, thanks to significant activity in debt refinancing and mergers and acquisitions (M&A) activities (S&P Global specializes in credit analysis, among other offerings).
The analyst added that company management is focusing more on growth opportunities that benefit multiple segments of its business, a trend that should help deliver better-than-expected growth rates.
Easy money?
I'm entirely convinced that, given the still-robust U.S. economy and its frothy securities markets, S&P Global can produce growth simply by standing still. That's why I like the fact that its leaders are actively seeking ways to make it grow more robustly. All of this is good for the company and its stock, and I believe it makes the latter a buy for any investor.
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Bank of America is an advertising partner of Motley Fool Money. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends S&P Global. The Motley Fool has a disclosure policy.
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