UPDATE: J.P. Morgan Lowers FactSet's PT

According to a research report published earlier today, J.P. Morgan has lowered FactSet Research Systems'

PT from $97 to $92. J.P. Morgan commented in the report, “We are reiterating our Neutral rating ahead of FQ2,12 earnings. FactSet shares have underperformed (-2% v. S&P's +12%) since FQ1 earnings on December 14, as Wall St. cyclical and secular/regulatory concerns have weighed on sentiment. The layoff announcements have mostly come from the investment banks (18% of FactSet's ASV- Annual Subscription Value). That's a positive for FactSet where the average revenue-per-user is multiples lower (estimated 1/4-1/5) than the buyside.” FactSet closed yesterday at $86.49.