Raymond James upgraded Moody's Corporation (NYSE: MCO) from 'Underperform' to 'Market Perform' on October 17, 2025. The upgrade comes ahead of the company's third-quarter results, which are anticipated on October 22. The firm's analysts indicated that the valuation multiple has 'limited further downside risk' as it is currently near the stock's five-year average. They also expressed increased confidence that Moody's will reach the higher end of its full-year revenue and EPS guidance, partly due to strong issuance activity during the quarter. Despite the upgrade, Raymond James still holds a below-consensus outlook for Moody's Investors Service (MIS) revenue and EPS for 2026, citing concerns over 'unsustainable' tight credit spreads and the 'longer-term impacts of private credit'. The research firm now views the risk/reward profile for Moody's as 'relatively balanced'.