瑞银-美股-金融业-美国信息服务业：1月份混合发行与固态ETF流量-2018.2.14-46页

www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesLLC.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE42.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.??GlobalResearch14February2018USInformationServicesMixedIssuanceandSolidETFFlowsinJanuary;RaisingEstimatesforSPGIJanuaryUBS-adj.issuanceup26%y/y;raisingSPGIEPSestimates&pricetargetWeareraisingourEPSestimatesandpricetargetforSPGIfollowingincrementallypositivecommentaryontheissuanceoutlookfromMCOandtheUBSCreditStrategyteam.OurnewFY18EPSestimatenowcomesinatthehighendofmanagementguidance(vs.thelowendprior).Asaresult,we