BofA Securities said Monday it has reinstated coverage of S&P Global Inc. (NYSE:SPGI), assigning a Buy rating and establishing a $575 price target.
The research note restates S&P Global's core activities: providing credit ratings and indices alongside analytics and workflow tools built on proprietary datasets. Those services are primarily directed at global capital and commodities markets. S&P Global carries a market capitalization of $124.19 billion and produced $15.34 billion in revenue over the last twelve months.
In its note, BofA argued S&P Global is positioned to deliver earnings upside even against conservative company guidance. The firm pointed to a combination of refinancing and M&A-driven issuance, expanding commercialization of artificial intelligence capabilities, and a renewed emphasis on capturing growth synergies across its business segments as the principal drivers for that upside.
BofA also underscored structural protections that the company holds against competitive and technological pressures. The bank identified proprietary data assets, elevated switching costs for customers, and stringent regulatory compliance requirements as defensive characteristics that reduce the risk of disruption from AI-related entrants.
Joshua Dennerlein is the BofA analyst who reinstated coverage of S&P Global for the firm.
Separately, S&P Global disclosed its financial results for the fourth quarter of 2025. The company reported revenue of $3.92 billion, ahead of the $3.90 billion analysts had expected. On the bottom line, diluted earnings per share were $4.30, a slight shortfall relative to the $4.32 consensus forecast.
Following that release, other sell-side responses included Stifel trimming its price target to $489 while maintaining a Buy rating, citing concerns around AI disruption. BMO Capital similarly lowered its price target to $482, noting the modest EPS miss versus consensus but retaining an Outperform rating. Those moves reflect differing analyst assessments in the wake of the company's quarterly disclosure.
Context and implications
The central elements highlighted by BofA point to several market dynamics. Refinance and M&A issuance activity could lift fee-related revenues in capital markets, while further commercialization of AI within product lines may expand analytics and workflow offerings. BofA's emphasis on cross-segment synergies suggests management execution on integrating business units will be a focal point for realizing projected upside.
At the same time, the post-earnings adjustments by Stifel and BMO Capital illustrate that investors and analysts remain attentive to both near-term results and longer-term disruption risks tied to AI.