S&P Global (SPGI 2.16%), the financial markets information and analysis company best known for its S&P series of indexes, beat its own S&P 500 index on the first trading Monday of 2026. The company's shares rose by 4%, topping the index's 0.6% gain, thanks in no small part to a bullish new analyst note on its prospects.
Profiting from borrowing
That note was authored by Stifel's Shlomo Rosenbaum and published well before market open that day. Rosenbaum reiterated his buy recommendation on S&P Global stock and his $599 per share price target.
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A major revenue stream for S&P Global is its debt ratings for both companies and public entities. According to reports, this was the crux of the buy argument Rosenbaum expressed in his update on the stock.
He cited the strong debt issuance that occurred in the fourth quarter of 2025 as a key reason for his continued optimism, noting that this trend is expected to continue throughout the year. Rosenbaum cited lower interest rates and a significant backlog in initial public offerings (IPOs) as factors that should contribute to a robust debt market.
NYSE: SPGI
Key Data Points
Declining rates, climbing debt
Capital is always in demand, and lower interest rates attract capital-seekers to debt markets -- after all, the skinnier the borrowing rate, the cheaper it is to harness debt financing.
Rosenbaum's argument sounds rather plausible to me. I also believe that another trend in S&P Global's favor is the enduring popularity of equity markets, which should support both its stock-related information services and the value of its high-profile market gauges, such as the S&P 500 index.
