S&P Global (SPGI) faces solid secular tailwinds that should help top-line growth, while margin expansion and capital allocation should deliver mid-teens earnings per share growth in 2027 and 2028, RBC Capital Markets said in a Wednesday note.

The company has highlighted strong nominal gross domestic product growth, artificial intelligence-related capex buildout, and an approximate $11 trillion refinancing wall over the next 4.5 years collectively underpin a "compelling" multi-year revenue growth opportunity, RBC said.

While the Ratings business faces harder comparisons in H2, the company's medium-term Ratings revenue growth framework does not fully capture the potential upside from AI capex-related issuance, RBC further said.

Additionally, the company's Market Intelligence segment revenue growth is likely stable near-term, while improving in the medium term driven by AI, model context protocol traction, sales cycle normalization in the next few quarters, according to the note.

RBC maintained its outperform rating with a $510 price target.

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