According to Argus analysts, the sell-off in one large-cap financial services company following its latest quarterly release has created a buying opportunity.

MSCI (MSCI) shares have underperformed the market over the past quarter, dropping 21%, while the S&P 500 has risen 5%.

The company's shares fell 13% on April 23 after it reported first-quarter adjusted EPS that rose 12% from the prior year and topped Street expectations. Revenue was just below expectations.

However, Argus noted that MSCI management signaled confidence in its outlook with a recent double-digit dividend hike. The firm maintained a Buy rating and a $520 price target on the stock.

"We expect MSCI to benefit over time from global GDP growth, the increased popularity of passive investment strategies, and the development of ESG and climate-based investing in developed and emerging economies," said Argus. "The company also has opportunities to develop new products and raise margins, and to expand through targeted acquisitions."

The firm added: "Looking ahead, we expect low double-digit EPS growth, multiple expansion, and share price appreciation as the company continues to expand in its target markets."