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  "documentTitle": "MSCI Inc. (MSCI)",
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  "notes": "The slide uses a table of analyst ratings and a pie chart to illustrate the 'comedic humor' in current market sentiment, pointing out the conflict of interest between Morgan Stanley and MSCI.",
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      "text": "MSCI has benefited from a first mover advantage in ESG, but that sales engine is slowing and data competition is escalating.",
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      "text": "We view the largest risks as stemming from business ethics and product governance issues.",
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      "text": "Spruce Point believes there is a certain comedic humor in the ratings and price targets of MSCI. Notably, one of the highest price targets on the Street is Morgan Stanley, who recently upgraded the stock calling it a “Top Pick”.",
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      "text": "Price Target: $556",
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      "text": "Spruce Point believes there is a certain comedic humor in the ratings and price targets of MSCI. Notably, one of the highest price targets on the Street is Morgan Stanley...",
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      "text": "“MSCI has benefited from a first mover advantage in ESG, but that sales engine is slowing and data competition is escalating.” — Morningstar",
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      "text": "Note: Upside based on current share price of $542.47. Source: Bloomberg and Spruce Point analysis (1) Recently downgraded from outperform",
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      "text": "Poor Risk / Reward Owing MSCI Stock",
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