S&P Global

SPGI · NYSE

$438.12+$10.29 (+2.41%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $427.83

SPGI analyst rating

BuyConsensus of 14 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy14
Hold0
Underperform0
Sell0

12-month price target · 28 analysts

Average $535.72 (+22.3% upside)

Low: $489.85
Now: $438.12
High: $660.45

Upgrades and downgrades

The latest rating actions, newest first

SPGI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Oct 14, 2026	Maintains	Overweight	$530.00 → $520.00	64%
BMO Capital	Oct 13, 2026	Maintains	Outperform	$505.00 → $500.00	60%
Morgan Stanley	Oct 7, 2026	Maintains	Overweight	$525.00 → $477.00	48%
Mizuho	Oct 6, 2026	Maintains	Outperform	$554.00 → $531.00	20%
RBC Capital	Aug 26, 2026	Maintains	Outperform	$510.00	64%
JP Morgan	Jul 29, 2026	Maintains	Overweight	$555.00 → $530.00	64%
Citigroup	Jul 29, 2026	Maintains	Buy	$454.00 → $500.00	46%
Barclays	Jul 29, 2026	Maintains	Overweight	$555.00 → $553.00	64%
Baird	Jul 29, 2026	Maintains	Outperform	$521.00 → $513.00	56%
Baird	Jul 21, 2026	Maintains	Outperform	$520.00 → $521.00	56%

The case for and against

Updated Oct 14, 2026

Bull case

S&P Global is well positioned by its dominant Ratings franchise, where broad-based issuance strength, an ~$11tn refinancing wall over the next ~4.5 years, and ~$250–$300bn of expected hyperscaler issuance in FY26 support a multi-year revenue opportunity. Its larger Market Intelligence business adds resilience and upside through ~6% organic growth in 2Q26, ~36.0% operating margins, and AI-driven platform consolidation that is lowering costs while expanding product distribution and monetization. Energy and Indexes provide additional secular tailwinds, while strong free cash flow, expected deleveraging toward target by year-end 2027, and ~85%+ free cash flow returns in 2027 reinforce a constructive long-term compounder profile.

Bear case

S&P Global is facing a negative outlook because its Market Intelligence sales elongation, while not broad-based, is concentrated in large clients negotiating AI data rights and local storage permissions, and management expects this drag to last at least a couple of quarters. Budget cuts in Sustainability were worse than expected in 2Q26, and although Ratings and Indices still posted strong margin leverage with Ratings margin up about 310 bps to roughly 68.5% and total company margin at 54.3%, 2H26 margins should soften from higher incentive compensation and investment timing. The company also faces downside if credit issuance weakens, Market Intelligence growth slows, Platts demand softens, or index AUM declines, while the July 1, 2026 Mobility spin-off and lower EPS estimates add to near-term uncertainty.

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