S&P Global (SPGI) is positioned for "positive revisions" given its strong Q4 results and conservative 2025 outlook, Morgan Stanley said in a Wednesday note.

The company reported Q4 adjusted earnings Tuesday of $3.77 per diluted share and $3.59 billion in revenue. S&P Global said it expects 2025 adjusted earnings of $17.00 to $17.25 per diluted share and 5% to 7% in revenue growth.

Morgan Stanley highlighted the robust performance of S&P Global's Ratings and Index businesses, as well as 5.6% organic growth in the Market Intelligence unit.

The firm noted that the 2025 margin guide for Market Intelligence was solid at 33% to 34%, and sees potential upside in Ratings and Index, setting the stage for positive earnings revisions.

Morgan Stanley raised its price target on S&P Global's stock to $600 from $595 and reiterated its overweight rating.

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