Oppenheimer Holdings Reiterates Perform Rating on FactSet Research Systems
In a report published Wednesday, Oppenheimer Holdings reiterated its Perform rating on FactSet Research Systems (NYSE: FDS).
Oppenheimer Holdings noted, “FDS reported relatively soft 1Q:FY13 results with 7.5% revenue growth and 12% EPS growth to $1.11, which benefited ~$0.02 from a lower tax rate (vs. our estimate of $1.11. FDS added 105 users and nine clients during the quarter. Buy-side additions were mostly offset by sell-side declines. ASV increased 0.5% Q/Q to $847M. FDS provided 2Q:FY13 Rev/EPS guidance of $212-$215M and $1.11-$1.13, respectively (vs. our prior estimate of ~$215.5M/$1.13). We modestly lower our FY13/14 estimates to reflect softer user growth trends. We lower our FY13 EPS estimate $0.04 to $4.54 (+10% Y/Y) and FY14 estimate $0.10 to $4.99 (+10% Y/Y); maintain Perform rating.”
FactSet Research Systems closed on Tuesday at $92.19.
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