MSCI's Net New Subscription Sales Beat Estimates, Pointing to Sustained Sales Momentum, RBC Says

11:59 AM EDT, 10/21/2026 (MT Newswires) -- MSCI's (MSCI) Q3 net new subscription sales notably outperformed expectations, while strong demand and a solid pipeline point to sustained sales momentum going forward, RBC Capital Markets said Tuesday in a note. Management maintained its prior stance on modest operating margin expansion amid growing investments. This supports the potential for accelerated profitable growth, given MSCI's strong track record and return on invested capital in the high double-digit to triple-digit range, according to the note. RBC expects the net new subscription sales beat, despite difficult comparisons, along with solid momentum and deepening client engagement across the franchise, to serve as meaningful catalysts for the stock, the note added. MSCI has strong operating leverage that could lead to margin expansion, but management sees many near-term investment opportunities to support revenue growth and position the company for continued growth in 2027 and beyond, the brokerage said. RBC estimates full-year 2026 revenue growth of 12.6% to $3.53 billion and adjusted EPS of $19.68. RBC kept an outperform rating on MSCI with a price target of $655. Price: 605.16, Change: +13.47, Percent Change: +2.28