Credit ratings specialist Moody's Corporation ( MCO ) on Tuesday caught a downgrade from analysts at The Benchmark Company.
The firm said it cut its rating on MCO from "Buy" to "Hold" with a $29 price target. That target suggests an 11% downside to the stock's Monday closing price of $32.70.
Benchmark noted that MCO's results will be hampered by a turbulent market environment.
Moody's shares fell 80 cents, or -2.5%, in premarket trading Tuesday. The stock has risen more than 23% year-to-date, far outpacing the 4% decline of the S&P 500 Index.
The Bottom Line
Shares of Moody's ( MCO ) have a 1.71% dividend yield, based on last night's closing stock price of $32.70. The stock has technical support in the $27-$30 price area. If the shares can firm up, we see overhead resistance around the $34-$36 price levels.
Moody's Corporation ( MCO ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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