S&P Global Earnings: Solid Start to 2024; Subscriptions Businesses Steady

S&P Global is off to a solid start in 2024. Better bond issuance and higher markets caused the firm to tweak its revenue outlook for its ratings and indexes segments upward, while the company's subscription business is expected to hold steady. Driven by slightly higher revenue and operating margins compared with its previous expectation, S&P Global raised its full-year adjusted EPS outlook by 1% at the midpoint. Overall, there was little in the first-quarter earnings release that would alter our long-term view of the firm. We will maintain our wide moat rating and $410 per share fair value estimate. We regard the shares as roughly fairly valued right now.