Evercore ISI Increases S&P Global Target to $629, Citing Strong Growth

On October 31, 2023, Evercore ISI raised its price target for S&P Global Inc. (NYSE:SPGI) from $619 to $629, maintaining an Outperform rating on the stock. The adjustment follows a strong quarterly performance by the company, which has generated significant investor interest ahead of its upcoming investor day scheduled for November 13, 2023.

In the third quarter of 2023, S&P Global reported revenues of $3.89 billion, representing an increase of 8.76% year-over-year. This figure exceeded analyst estimates by $63 million. The company’s GAAP net income rose by 21% to reach $1.176 billion, while diluted earnings per share increased by 24% to $3.86. On an adjusted basis, net income grew by 19% to $1.442 billion, with adjusted diluted earnings per share climbing 22% to $4.73.

The strong financial results have set a positive tone ahead of S&P Global’s investor day, which is anticipated to provide more insights into the company’s growth targets and margin expectations. Evercore ISI analysts highlighted that while the recent quarterly performance was impressive, investor focus will largely remain on the upcoming event.

Additionally, S&P Global announced plans to acquire With Intelligence for $1.8 billion in early October. This acquisition is expected to enhance the company’s Market Intelligence segment and improve its private market solutions across various divisions, further driving growth through strategic expansion and ongoing innovation.

S&P Global is recognized for providing financial intelligence and analytics across global capital, commodity, and automotive markets. While the company shows strong potential as an investment, some analysts suggest that certain AI stocks may offer greater promise for delivering higher returns with limited downside risk.

As investors continue to evaluate their options, S&P Global remains a key player in the financial sector, with its upcoming investor day serving as a crucial opportunity for stakeholders to gain further insights into the company’s strategic direction.